IM Flash will be adding 200 new jobs at its Lehi facility as a result of economic incentives from the state.
The jobs are part of an expansion of the NAND flash memory joint venture between Micron and the Intel corporation. IM Flash says it plans to expand production capacity at its semiconductor fabrication facility as a result of expansion.
Gov. Gary Herbert announced the new jobs and incentives at IM Flash in Lehi, saying the expansion speaks well of the state.
"It says a lot about Utah's business-friendly environment that they want to come here and expand," Herbert said.
Herbert also announced another 500 new jobs at an EMC customer support center in central Utah. The expansion by both companies comes from the work done by the Governor's Office of Economic Development, which approved Economic Development Tax Increment Financing for both businesses.
New state tax revenue from the IM Flash facility is expected to exceed $153 million over a 10-year period, a major portion of that revenue will be funneled into the state's education fund. The GOED board approved a tax incentive of $45.9 million, which is a performance-based incentive and would not be given to the company until after it has fulfilled certain requirements that were promised to the state.
The tax incentive for EMC, a Fortune 500 company that deals in information technology, is just over $3.5 million. The incentive is also performance based. GOED said it expects the state will see a return of more than $14 million in tax revenues from the investment.
EMC is responsible for 500 of the new jobs that will be created in the state by 2015. The company plans to expand its global customer support center in central Utah. Expected wages for the new employees is to exceed 125 percent of the average county salary. Vance Checketts, an official from EMC, says he expects salaries in reality to be around 140 percent above the county average.
"This is the next big center for EMC," Checketts said. "Utah has a highly skilled workforce. Many Utahns know multiple languages, there are great schools and universities; it is a great fit for EMC."
The new positions at IM Flash are expected to be filled starting in 2012. EMC plans to start accepting applications for some of the new jobs it is bringing to Utah by the end of this week.