Clarus Coporation Invests $40 Million to Expand Salt Lake City, Utah, Operations
Clarus Corporation, parent company of Black Diamond Equipment, will invest $40 million to expand its operations in Salt Lake City, Utah. The company plans to add up to 147 high-paying jobs over the next eight years.
Black Diamond Equipment is a global leader in creating innovative outdoor engineered equipment and sporting apparel. Clarus’ is a developer, manufacturer and distributor of outdoor equipment and lifestyle products. The Company’s products are principally sold under the Black Diamond, Sierra and PIEPS brand names.
“Clarus Corporation is a bedrock partner and an anchor of Utah’s outdoor industry. We couldn’t be more pleased with their decision to expand in the state of Utah,” said Val Hale, Executive Director of GOED. “We look forward to future partnership opportunities with Clarus Corporation as we help advance the state’s outdoor recreation economy.”
“Salt Lake City has been home to Black Diamond Equipment, and now Clarus, for over 25 years,” said John Walbrecht, President of Clarus. “We are excited about the future of the outdoor industry in Utah, and expect to play an important role in its growth for years to come.”
According to the Governor’s Office of Economic Development, Clarus Corporation and Black Diamond Equipment merged in May 2010, where a previous incentive agreement with GOED assisted the company in moving its headquarters to Utah.
“When Black Diamond Equipment moved to Utah in the 1990’s it was a monumental event for the state’s outdoor products industry,” said Theresa Foxley, President & CEO of the Economic Development Corporation of Utah. “Today, as they, and its parent Clarus Corporation, announce their most recent Utah expansion, we look forward to our continued partnership as we support and grow Utah’s outdoor products industry.”
As part of the contract with Clarus Corporation, the GOED Board of Directors has approved a post-performance tax credit rebate not to exceed $1.8 million. Each year as Clarus Corporation meets the criteria in its contract with the state, it will earn a portion of the total tax credit rebate. Clarus Corporation may earn up to 20 percent of the new state taxes they will pay over the eight-year life of the agreement in the form of a post-performance Economic Development Tax Increment Finance tax credit rebate.
By: Area Development News Desk