SALT LAKE CITY — New state incentives could bring hundreds of jobs to Utah over the next several years.
The Governor’s Office of Economic Development Thursday announced Sarcos Robotics, a company that develops robotic systems that augment humans working in the industrial, public safety and military sectors, was awarded tax-increment financing. The company will use the resource to expand in Utah, adding up to 292 jobs along with $6.1 million in new state revenue and $2.4 million in capital investment.
Sacros was founded in the early 1980s as a spinout of the University of Utah. The firm innovations are used in a wide variety of applications ranging from advanced humanoid robots and theme park animatronics to the robotic fountain at the Bellagio Hotel in Las Vegas. Currently, the company is focused on the commercialization of three energetically autonomous, highly mobile and dexterous robot products.
“Sarcos is growing rapidly — we’ve doubled our workforce in the last year as we realize our vision of delivering robotic systems that simultaneously reduce the risk of workplace injuries while also increasing productivity and efficiency,” CEO Ben Wolff said in a news release. “The GOED award will support our continued growth of our team in Utah and address the unmet global demand for robotic systems that create the safest, most productive workforce possible.”
The company is expected to create up to 292 high-paying jobs over the next eight years with total wages in aggregate required to exceed 110 percent of the Salt Lake County average wage. The projected new wages over the life of the agreement are expected to be approximately $58.6 million, with new state tax revenues resulting from corporate, payroll and sales taxes estimated to be $6.2 million over five years.
Sacros may earn up to 20 percent of the new state taxes in the form of a …read more
Source:: Deseret News – Business News