Incentives go to financial services company, equipment maker and startup

By Brice Wallace 

As was its July meeting, the August meeting of the Governor’s Office of Economic Opportunity (Go Utah) board was busy. The board approved not just a huge incentive for Malouf Companies, but also tax credit incentives for three other companies.

AmTrust Financial 

AmTrust Financial Services Inc. will open an office in South Jordan and create up to 180 jobs over the next five years. The company was approved for a tax credit incentive of up to $244,262.

AmTrust is a New York-based, multinational insurance holding company offering specialty property and casualty insurance products, including workers’ compensation, business owner’s policy (BOP), general liability and extended service, and warranty coverage.

“We remain committed to our existing office locations, and we’re excited to announce the opening of an office in the greater Salt Lake City area,” Andrew Morgan, executive vice president and chief claims officer at AmTrust Financial, said in a prepared statement. “This allows us to better balance workloads and places us at a competitive advantage. The new office supports AmTrust’s growth in the western U.S. to serve our agents and small businesses better.”

The $1 million project is expected to generate new wages of more than $43.2 million over five years and new state tax revenue of more than $1.6 million during that time. The new jobs are expected to pay an average of $66,083.

The new positions will include claims assistants, claims adjusters/examiners, and
supervisors /managers. The company expected to lease 10,000 square feet initially and up to 25,000 square feet within a few years.

“We’re excited for AmTrust to join us in Utah and add to the state’s robust financial services industry,” Daniel Hemmert, Go Utah’s executive director, said in a prepared statement. “One thing that stands out with AmTrust is they have a training program for both new and experienced employees that helps them attract employees. We welcome AmTrust to the great state of Utah.”

“While the pandemic delayed the planned office, we’re thrilled AmTrust chose to move forward,” Theresa Foxley, president and CEO of the Economic Development Corporation of Utah, said in a prepared statement. “We know the company will find South Jordan a productive location, and we hope this project is a harbinger of more to come in Utah’s financial services industry.”

“South Jordan City would like to welcome AmTrust as its newest corporate citizen and partner,” said Brian Preece, South Jordan’s director of city commerce. “We look forward to working with the company and its staff members to continue South Jordan’s long-standing history as a great place to live and do business.”

Weir Slurry Group

Weir Slurry Group Inc. was approved for a tax credit of more than $1.2 million over 10 years, tied to the creation of up to 133 jobs in an expansion of its West Valley City operations and a move of its U.S. headquarters from Wisconsin to serve the U.S. and North American markets. It already has 150 employees in Utah with its rubber manufacturing operation.

Weir Slurry Group is the Wisconsin-based U.S. operating entity for Weir Minerals and a subsidiary of Weir Group USA Inc., which is owned by Weir Group PLC, a 150-year-old, Scotland-based company. It is a global leader in slurry handling equipment and associated aftermarket support for abrasive, high-wear applications. Its technology is used in mining, oil and gas, and general industrial markets worldwide to improve safety, efficiency and sustainability.

“This expansion enables Weir to support future growth for our key markets,” Ermanno Simonutti, North America Region managing director, said in a prepared statement. “It also reaffirms Weir’s commitment to Utah.”

The $22.6 million project is expected to generate new wages of nearly $113.2 million over 10 years and new state tax revenue of more than $6.1 million during that time. The new jobs are expected to pay an average of $103,030.

“As Utah’s manufacturing industry continues to grow, the Weir Group’s expansion will be a great addition to the existing robust workforce,” Hemmert said. “With this growth, the company plans to purchase goods and services from Utah-based suppliers, which is a win-win scenario. We love to see this and welcome the Weir Group to Utah.

“We’re excited that the Weir Group has chosen to double down on its investment in Utah,” Foxley said. “The company’s experience here in the state, as well as its proximity to an expanding customer base, has made its decision to grow here in Utah an easy one.”

Perfect Day

Perfect Day Inc. will create 64 jobs over five years as it expands its bio foundry arm, known as Scalable Bio Foundry Inc. (SBF), in Salt Lake County.

Perfect Day is a biotechnology startup company with about 150 employees. Based in Berkeley, California, it has developed processes of creating dairy proteins, by fermentation of microflora, in bioreactors, instead of extraction from bovine milk.

The company says the result is the taste, texture and nutrition of conventional dairy, but produced with 97 percent less greenhouse gas emissions and without the downsides of factory farming, lactose, hormones or antibiotics.

Its hallmark whey protein is sold in products across the country. Perfect Day acquired SBF Inc. in 2020 as part of its plans to create a next-generation supply chain.

“Our mission is an urgent one. This expansion further strengthens our end-to-end platform capabilities, from strain to shelf, a boon for both Perfect Day, our SBF clients, and our B2B and foodservice partners,” Bonney Oommen, chief product and strategy officer, said in a prepared statement.

“Since acquiring SBF, we’ve been impressed by the caliber of talent we’ve been met with in Utah and their shared passion for our mission. We look forward to working with the Governor’s Office of Economic Opportunity and its board as we continue to grow together.”

The Go Utah board approved a tax credit of up to $605,613. The $20 million project is expected to generate new wages of nearly $16.6 million over five years and new state tax revenue of about $3 million during that time. The new jobs are expected to pay an average of $71,406.

The new positions will be in research and development, business development, finance and accounting, maintenance and quality, as well as potential senior management positions.

“We’re excited Perfect Day chose Utah to expand its critical bio foundry initiatives,” Hemmert said. “The company has a business model built on sustainability, and we’re excited to support the impact Perfect Day will make.”

“Perfect Day is at the crossroads of life sciences and innovative food production, both of which are strong industries in Utah,” Foxley said. “From technical to production staff, we know the company will find the Salt Lake City region’s talent pool makes it a fruitful place to do business.”