UT: Lifetime Products to Grow Its Production Capacity and Headquarters Davis County
14 Oct, 2011
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The journey from a company born in a garage, manufacturing basketball standards, to a world leading manufacturer of plastic products who has captured 75 percent of the U.S. market for polyethylene folding tables and whose products are available in 58 countries worldwide is not a fairytale, but a dream of a lifetime. Indeed, Lifetime Products Inc. is now recognized as a world leader of both residential basketball systems and blow molded plastics, producing a variety of sporting goods, folding furniture, lawn and garden, and storage products.
“It is exciting to see that after serious competition from other national and international locations, Lifetime has decided to expand in its home state of Utah,” said Governor Gary Herbert. “Competition is fierce for high quality manufacturing jobs and high quality manufacturers like Lifetime. Once again, Utah’s welcoming business environment and its dedicated and productive workforce have proved an irresistible combination.”
As a result of a partnership with the Governor’s Office of Economic Development (GOED), Davis County and Clearfield City, Lifetime Products has decided to expand its plastics manufacturing facility in Utah with a $41 million capital investment over the life of the project.
Over the next 10 years, Lifetime will be retaining its current workforce in Utah and adding 142 new full-time positions with salaries in excess of 125 percent of the Davis County average, including full benefits. The company is expected to pay out over $46 million to its workforce during the first 10 years of the agreement with GOED.
“Lifetime, as a global company, is always looking for product and processes that allow us to expand globally, domestically, and especially locally in Utah where we were founded 25 years ago and are headquartered still today,” said Lifetime Products President Richard Hendrickson. “We are very pleased to have such strong support in the state and local government entities as we strive to provide jobs and opportunities for our highly-qualified Utah workforce.”
Lifetime is the world leader in both residential basketball equipment and polyethylene folding tables and chairs. Over the years, Lifetime expanded its product offerings by introducing a revolutionary line-up of outdoor storage sheds. Lifetime continues to create new products and new technologies, including playground equipment, composters, wheelbarrows, soccer goals, tetherball systems, kayaks and more.
“In a global economy, companies have many options. I am elated that Lifetime Products has selected Clearfield City as the location for this major corporate expansion,” said Clearfield Mayor Don Wood. “Lifetime Products has always been a great corporate citizen and community partner. Their willingness to make this substantial investment in our community speaks to their commitment to the families of northern Utah. We are excited to see a lot of new job positions over the next few years.”
As a part of the assistance which the company will receive after they complete the expansion, the GOED Board authorized a single taxpayer post-performance refundable tax credit of $3,193,591 for the new and retained jobs, as well as the expansion of the manufacturing facility payable in increments over the 20 year life of the agreement as the company completes its expansion and pays its taxes due. The new state tax revenue which will be paid by the company is expected to be in excess of $12 million.
About Lifetime Products, Inc.
Celebrating its 25th anniversary, Lifetime Products, Inc. was established in 1986 and is a privately-held company headquartered in Clearfield, Utah. Lifetime’s products are sold in 58 countries. Lifetime is the world’s leading manufacturer of polyethylene folding tables, chairs and residential basketball hoops. With other offerings from outdoor sheds and carts to kayaks and soccer goals, Lifetime continues to develop innovative products. For more information please visit: www.lifetime.com.
About the Utah Governor’s Office of Economic Development (GOED)
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 visit: www.business.utah.gov.