UT: Sock Knitting Co. to Invest $4M to Expand, Add 130-150 Jobs
13 Dec, 2013
Zhejiang Walt Technologies, one of the largest sock knitters in the world, announced with the Governor’s Office of Economic Development (GOED) it will soon be expanding operations in Cache County. The company will be part of Lin Manufacturing and Design (“Lin”) which has been in Cache Valley since the early 1990’s. The new operation will add 130 to 150 new jobs to the workforce.
“Lin will bring exciting changes to the Cache Valley economic landscape,” said Governor Gary R. Herbert. “The job opportunities and capital investment will strengthen both the state's and nation's economies."
Over the seven-year life agreement with the state, Lin Manufacturing will pay an estimated $27,697,126 in new state wages and $1,744,798 in new state taxes. Positions at the new facility will pay, on average, a minimum of 100 percent of Cache County’s average yearly wage including benefits.
In addition to wages and state taxes, the company expects to invest $4 million in capital to build the proposed hosiery manufacturing facility. The new facility will run three shifts five days a week and has the potential to manufacture 14,000 dozen socks per week.
“We are very excited and pleased to be able to expand U.S. manufacturing positions in Utah and wanted to thank the state for its support of this major project for our company,” stated Joe Schulte, vice president, general manager of Lin.
Zhejiang Walt Technology, Ltd is a China based corporation that was established in 2000. With a workforce of about 1,500 people, the company produces about 50 million pairs of socks, hosiery, tights and other knitted products a year for major brands and retailers around the globe. The company currently has operations in China, the U.S., Taiwan and Hong Kong.
“Lin Manufacturing’s decision to expand in Utah shows the company’s confidence in Utah’s business environment and workforce,” Jeff Edwards, president and CEO of Economic Development Corporation of Utah (EDCUtah) explains. “We are pleased to see another great company expand in Utah and contribute to our diverse manufacturing employer base.”
The GOED Board of Directors has approved a $261,720 Economic Development Tax Increment Financing (EDTIF) post-performance refundable tax credit, or 15 percent of the new state tax revenue which will be paid by the company over the seven-year life of the agreement.
About the Utah Governor’s Office of Economic Development (GOED) Web: business.utah.gov
The Governor’s Office of Economic Development (GOED) charter is based on Governor Gary Herbert’s commitment to economic development statewide. Utah’s economic development vision is that Utah will lead the nation as the best performing economy and be recognized as a premier global business destination. The mandate for this office is to provide rich business resources for the creation, growth and recruitment of companies to Utah and to increase tourism and film production in the state. GOED accomplishes this mission through the administration of programs that are based around targeted industries or “economic clusters” that demonstrate the best potential for development. GOED utilizes state resources and private sector contracts to fulfill its mission. For more information please contact: Michael Sullivan, 801-538-8811 or email@example.com