The Governor's Office of Economic Development (GOED) Board met recently in a special board meeting and approved a $4 million incentive that will be used in conjunction with other local incentives to encourage and assist FiberTEK in the construction of a new insulation plant in Juab County.

The plant will create 99 new full-time jobs in the county.

Jerry Oldroyd, chairman of the incentive subcommittee, pointed out that "the legislature has given us a mandate to assist rural Utah whenever possible. It is important that we continue to provide incentives to rural communities and FiberTEK is an excellent fit for Nephi."

"We heard Nephi Mayor Mark Jones just express how important a quality company like this will be in their rural community," continued Oldroyd.

Nephi Mayor Mark Jones spoke about the positive impact the company will have on the community and the many positive opportunities that it brings to their community. "This company will bring jobs to many citizens that previously had to commute north into Utah and Salt Lake counties. Now they will be able to stay in the local community and in the future many young folks who have grown up here and want to stay will have the opportunity for good jobs at home," said Jones.

The FiberTEK jobs will average above $30,000 and new wages paid by the plant into the community over the next 10 years will be in excess of $36 million. New state revenue is expected to be $13.2 million over 10 years.

FiberTEK Insulation (FTI) is a family-owned business with 40 years of experience in insulation technology and production. It currently owns a production facility located in central Florida, which Nephi city officials visited. FTI produces fiberglass insulation sold into the residential, commercial and industrial markets.

The Nephi project consists of a 300,000-square-foot facility with enough capacity to serve the western United States. The positions created will be production line workers, skilled maintenance specialists, degreed process engineers, electrical engineers, accountants and management. The company provides excellent benefits, including 100 percent paid health insurance, matching 401(k) contributions and education programs.