ENVE Composites, Inc., manufacturer of high end carbon fiber composite products for the cycling industry, will open its newest facility in Ogden, UT, bringing 324 new jobs to the State over the next seven years. Over the seven year life of the project, ENVE will pay over $63 million in new wages. During the same time period, the company will pay $5.3 million in new taxes.
“Utah’s Outdoor Products and Recreation industry cluster is rapidly growing. We are happy to welcome ENVE Composites’ new facility to our Utah business community,” Gov. Gary R. Herbert said.
ENVE Composites, Inc. manufactures wheels, forks, seat posts, handlebars and stems along with composite tubes for custom bicycle frame builders. The company produces 100 percent of its bicycle rims in the U.S.
“ENVE is committed to U.S. manufacturing,” CEO Sarah Lehman said. “The State’s support will make on-shoring jobs from Asia and our expansion possible.”
In support of ENVE’s job creation and $20 million capital investment, the Utah Governor’s Office of Economic Development (GOED) Board of Directors has approved an Economic Development Tax Increment Finance (EDTIF) post-performance refundable tax credit of up to $1,336,424, or 25 percent of new state tax revenues collected from the company over the incentive’s lifetime.
“This important incentive offered to ENVE by the GOED board is a tangible demonstration of our state’s commitment to expanding Utah businesses. ENVE’S decision to expand within Ogden’s Outdoor Recreation Cluster was based on its thorough evaluation of all regional and international expansion options; we’re extremely pleased that Ogden won. ENVE is an important business partner to Ogden,” said Mike Caldwell, Mayor of Ogden.
“Utah has a large worldwide market for outdoor products and composites. With the expansion of ENVE’s facility in Utah, we will continue to maintain our reputation of producing some of the best goods in the nation,” GOED executive director Spencer Eccles said. “We are also happy to work with ENVE to keep high-paying jobs from going overseas.”