Utah’s business landscape is rich with professionals who have le...Read More
Social Media and Employers: Friends or Enemies?
The Case for HSAs
Time to Show Up
Make a Move
In the Lab
Rent to Own
Back from the Dead
A Breath of Fresh Air
Travel & Tourism
Salt Lake City — The Governor’s Office of Economic Development (GOED) announced today that Orient Overseas Container Line (USA) Inc., an international container shipping and logistics company with world headquarters in Hong Kong, will open a Utah office.
OOCL will establish an integrated management and service center for its North American business. The company is expected to relocate and/or hire 300 management and professionals in Salt Lake City, paying remuneration packages and benefits in line with the industry, which are expected to be at least 125 percent above the county’s average annual wage, including benefits, over a 20-year period.
OOCL has agreed to a tax incentive agreement with the state. Throughout the life span of the agreement, OOCL is expected to pay more than $500 million in new state wages and more than $19 million in new state taxes. The GOED Board of Directors has approved a $4,769,804 Economic Development Tax Increment Finance (EDTIF), post-performance refundable tax credit, and a $953,961 IAF grant to offset any cost associated with the move, which the company can earn, or 30 percent of the net taxes paid by the company over the lifetime of the incentive.
OOCL is one of the world’s largest integrated international container transportation, and logistics and terminal companies.