May 11, 2012

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Article

Economic Development Board Assists Utah Companies Job Growth

Press Release

May 11, 2012

FLSmidth Salt Lake City, Inc. (pronounced F. L. Smit)
FLSmidth is a market leading supplier of equipment and services to the global minerals and cement industries.  FLSmidth supplies everything from single machines to complete minerals and cement plants including associated services.

FLSmidth is a global company with a presence in 50 countries on six continents. This includes five key technology centers including the minerals processing technology center, located in Midvale. The company is focused on six market segments: Copper, Gold, Coal, Iron Ore, Fertilizer Minerals and Cement.

The major new facility in Midvale will bring approximately 125 new full time jobs, with full benefits to the area over a 10-year period. To accommodate the growth, the company will make an investment in new facilities.

As a part of this expansion the company will enter into a contract with GOED for an Economic Development Tax Increment Financing (EDTIF) agreement in which the company can earn up to $2,933,645 in post-performance tax credits during the 10 year period.

Mayor JoAnn B. Seghini, Midvale City, is excited to work with the company on the expansion. “FL Smidth, a Danish Company, with service in 50 countries worldwide has combined offices and research facilities in Midvale City at Bingham Junction. They bring a global presence to Utah and provide numerous excellent jobs. We welcome this new expansion.”

“This growth incentive program supports our global minerals processing headquarters expansion, which will continue to build the mining and minerals processing industry in Utah,” said Peter Flanagan, FLSmidth executive vice president. “As part of our expansion, we will offer new specialized engineering and technical professional positions. Our engineers develop, plan, design, install and service equipment for our mining customers around the world. We appreciate the opportunity to partner with the State of Utah on this important endeavor.”

Xactware Solutions Incorporated
Xactware Solutions provides software and services for professionals involved in estimating all phases of building and repair. Insurance companies use Xactware products
to estimate the replacement cost of insured buildings, to immediately send assignments to professionals when a building needs repair, to estimate the cost of repairs, to analyze performance and improve customer service. Contractors, specialty service providers and other professionals use Xactware products to estimate, document, communicate, analyze and manage rebuilding work.

Xactware’s insurance company customers write 80 percent of all claims in the United States. Customers include 19 of the top 25 U.S. property insurance companies, including nine of the top 10. In Canada, eight of the top-10 insurance companies are Xactware customers. Over 80 percent of insurance repair contractors and specialty service providers use Xactware products.

Each day, more than 14,000 insurance claims files flow through Xactware’s Utah-based servers.

“Xactware has experienced phenomenal growth by tapping into Utah’s hard-working and intelligent high-tech workforce,” said Jim Loveland, Xactware’s president and CEO. “We’re pleased to be able to continue our growth and build on the strength of our Utah roots.”

Xactware plans on a major expansion of its headquarters and operations in Utah. The company and GOED announced plans for 859 new full-time positions with full benefits to be created over a 20-year agreement.

The company will make a $130 million capital investment in a new facility and infrastructure to house its Utah employees. Over the life of the agreement the company will pay over $756 million in new State wages and $129 million in new Utah tax revenue. As the company completes this expansion, over the years, it will qualify for a maximum post-performance EDTIF tax credit of up to $32,262,990 over the life of the agreement.

Xactware is a Verisk Analytics company (Nasdaq:VRSK) currently headquartered in Orem, Utah.
(5.11.12)

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