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SALT LAKE CITY — The Governor’s Office of Economic Development announced Friday that OOCL Inc., an international container shipping and logistics company with world headquarters in Hong Kong, will open a Utah-based office.
OOCL will be establishing 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, offering competitive salaries in line with the industry, which will be at least 125 percent above the county’s average annual wage including benefits over a 20-year period.
Throughout the life span of the agreement with the state, OOCL will pay in excess of $500 million in new state wages and more than $19 million in new state taxes. The GOED Board of Directors approved a $4.8 million Economic Development Tax Increment Finance, post-performance refundable tax credit, a well as 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.
“We live in a time of global economy, where partnerships with overseas companies are beneficial to the business environment,” said Gov. Gary Herbert. “The opening of the OOCL office in Utah demonstrates Utah’s commitment to doing business on a global scale.”
Top Image Credit: Kelvin Davies
