The Hexcel flagship plant will support the next-generation development of advanced composite technology and provide assistance for the state`s workforce development over the next 12 years.
The Governor of Utah`s Office of Economic Development (GOED, Salt Lake City, Utah, U.S.) announced that Hexcel (Stamford, Connecticut, U.S.) will establish a research and technology excellence (R&T) flagship center to support the next generation of advanced composite technology in Utah Development, in the next 12 years, 150 new high-paying positions will be added.
Dan Hemmert, Executive Director of GOED, said: "We welcome Hexcel to expand in Utah. Their decision to develop here will create many high-paying jobs for Utahans in terms of technical proficiency and advanced technology. Hexcel also has an excellent training program that will help. To further develop Utah’s workforce and help its employees develop the skills they need to succeed."
Hexcel is a global leader in advanced composite materials technology, manufacturing carbon fiber, braided reinforcement, resin, prepreg, honeycomb and additively manufactured parts for customers in the commercial aerospace, aerospace and defense, and industrial markets. According to the company, this new R&D center will be the company's largest innovation and product development center in North America, as well as a showcase for the company's advanced composite technology, providing space for growth and expansion in the next few years. The company's existing operations in West Valley, Utah include what Hexcel claims is its largest high-performance carbon fiber manufacturing plant in the world-the Salt Lake City plant (CW conducted a plant tour here in 2020). The plant is also the location of the company's American aviation matrix business. There are currently about 600 people working in this factory.
Nick Stanage, Chairman, CEO and President of Hexcel said: "We are very grateful for Utah's continued support for Hexcel. We are pleased to announce today an investment in this innovation to ensure continued leadership in the future." "This new The factory will expand our research scope, expand our product range and provide more opportunities for our customers, and provide us with cooperation space to cooperate with us to jointly develop the latest for aviation, aerospace and defense as well as industrial applications Composite materials technology."
Hexcel can earn up to 25% of NSW tax in the form of an Economic Development Tax Incremental Financing (EDTIF) tax credit authorized by the Utah State Assembly within the 12-year period of the agreement. The GOED Board of Directors has approved the post-performance tax credit not to exceed $1,531,318. Hexcel will reach the standards in the contract with the state government each year and will receive a portion of the total tax credit.
The expert group's board of directors also approved an industrial assistance fund economic opportunity grant for infrastructure-related expenses, amounting to US$200,000. This grant will provide infrastructure support for the Hexcel factory and help create better access to the region.
Theresa A. Foxley, President and CEO of Utah Economic Development Corporation, added: "Hexcel has been making long-term contributions to West Valley’s economy, which is why Utah is considered an advanced manufacturing and compounding An important base for materials." "We are very excited about the company's continued investment in Honshu."