CEDAR CITY — Goex, a leading manufacturer of plastic sheeting, is coming to Cedar City.
According to a news release sent Wednesday from the Utah Governor’s Office of Economic Development, the Wisconsin-based Goex Corporation will expand its operations by adding a facility in Utah, which is expected to add up to 100 jobs, $1.8 million in state revenue and an estimated $15 million in capital investment.
“We have enjoyed working with Goex throughout this site-selection process, and we are thrilled that they have chosen Cedar City as their location for expansion,” said Danny Stewart, economic development director for Cedar City and Iron County.
Stewart told Cedar City News Thursday that Goex’s new plant will be located on a 20-acre site within the Port 15 industrial development located about four miles west of downtown Cedar City. The Port 15 development is a partnership between the Utah Trust Lands Administration and Quantum Development Group.
The site was an attractive choice because it already has infrastructure in place, including railroad access, utilities and fiber optic cables, Stewart said.
“Goex is an outstanding company with a solid reputation and a culture that fits perfectly in our community,” Stewart stated in the news release. “They make top-quality products, and they truly value their employees and their customers. This company will have a tremendous positive impact on Iron County and southwestern Utah. This is a huge win for Utah and Cedar City.”
Val Hale, executive director at the Utah Governor’s Office of Economic Development, added: “We are excited that Goex would select Utah for their Western operation. There is tremendous growth and opportunity in Iron County. As a supplier of medical and food packaging materials, Goex’s expansion will be a good opportunity for southern Utah.”
Founded in 1990 and based in Janesville, Wisconsin, Goex operates one of the most advanced custom plastic sheet extrusion facilities in the industry. The company’s products and materials serve the graphics, medical and food packaging industries. Company officials say the new facility in Iron County will be patterned after the 235,000-square-foot facility the company completed in Janesville in 2015.
“Our new Cedar City, Utah location supports Goex’s ongoing commitment to ensure timely delivery of extruded sheet products,” said Joshua Gray, president and CEO of Goex. “The new facility will help us better serve our customers in the western areas of the country. We intend to build on the success of our current plant, built specifically for our processes. And we are eager to witness firsthand the great things we have been told about the workforce in southwest Utah.”
Goex’s Cedar City expansion is expected to create as many as 100 jobs over the next seven years, company and economic officials say.
The total wages in aggregate are required to exceed 110 percent of the average county wage, the news release states. Projected new state wages over the life of the agreement may be up to $23.4 million, which includes wages, salaries, bonuses and other taxable compensation. Projected new state revenues, as a result of corporate payroll and sales tax, are estimated to be $1.8 million over the next seven years.
“This expansion project is a good example of persistence and creative problem-solving at the local level,” said Theresa Foxley, president and CEO of the Economic Development Corporation of Utah. “We at EDCUtah were pleased to support Cedar City’s efforts throughout the process.”
Goex may earn up to 20 percent of the new state taxes they will pay over the seven-year life of the agreement in the form of a post-performance Economic Development Increment Finance tax rebate. As part of the contract with Goex, the board of directors of the Utah Governor’s Office of Economic Development has approved a post-performance tax rebate not to exceed $365,299. Each year that Goex meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate.
The Utah State Legislature has authorized economic development incentives in the form of post-performance tax rebates. Eligible companies work with the Utah Governor’s Office of Economic Development to outline specific performance criteria. Once the state office confirms those criteria have been met, companies can receive a refund up to 30 percent of the state taxes they paid for up to 20 years.
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