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SALT LAKE CITY — The Governor's Office of Economic Development announced that Zhejiang Walt Technologies, one of the largest sock knitters in the world, will soon be expanding operations in Cache County.
The company will be part of Lin Manufacturing and Design and will add 130-150 new jobs to its workforce.
Over the life of the seven-year agreement with the state, Lin Manufacturing will pay an estimated $27.7 million in new state wages and $1.7 million in new state taxes. Positions at the new facility will pay a minimum of 100 percent of Cache County’s average annual wage, including benefits.
The company expects to invest $4 million in capital to build the proposed hosiery manufacturing facility, which will run three shifts five days a week and has the potential to manufacture 14,000 dozen socks per week.
Based in China, Zhejiang Walt Technology was established in 2000. Today, the company produces about 50 million pairs of socks, hosiery, tights and other knitted products a year for major brands and retailers around the globe. The company currently has operations in the U.S., China, Taiwan and Hong Kong and a worldwide workforce of about 1,500 employees.
The GOED Board of Directors approved a $261,720 Economic Development Tax Increment Financing post-performance refundable tax credit, or 15 percent of the new state tax revenue, which will be paid by the company over the life of the agreement.