Ottobock earns state tax credit for expansion plans
SALT LAKE CITY – Utah is giving Ottobock a $392,000 post-performance tax credit to help the manufacturer add more than 80 jobs at its expanding Salt Lake City facility, the Salt Lake Tribune reports. The credit represents about 20% of the $2 million in new taxes the company is expected to pay over the seven-year term of its deal with the Utah Governor’s Office of Economic Development, according to the story. Fifty-five of the new jobs generated will pay at least 125% of Salt Lake County’s minimum wage, generating $16.2 million in new wages over seven years. Ottobock plans to invest $1 million to expand its Salt Lake City facility and relocate two divisions from Minneapolis there. In other company news, two American snowboarders will compete in the Sochi Paralympics using Ottobock prosthetics.