The Governor’s Office of Economic Development announced that OOCL Inc., an international container shipping and logistics company with world headquarters in Hong Kong will open a Utah based office.
“We live in a time of global economy, where partnerships with overseas companies are beneficial to the business environment,” Governor Gary R. Herbert said. “The opening of the OOCL office in Utah demonstrates Utah’s commitment to doing business on a global scale.”
OOCL will be establishing an integrated management and service center for its North American business. Under Utah’s favorable business climate, OOCL is expected to relocate and/or hire 300 management and professionals in Salt Lake City, paying competitive remuneration packages and benefits 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, while leveraging Utah’s low tax environment, OOCL will pay in excess of $500 million in new state wages, and over $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, and an industry leader in transportation and information technology. The OOCL motto is “we take it personally” and this motto rings true as OOCL focuses on creating value for our customers, employees, shareholders and partners. OOCL values its people, and recognizes that the communities in which our employees live and work contribute greatly to the company’s success. As a result, the care and attention that we give to the community are a major corporate focus to ensure all our stakeholders are respectfully accounted for.