Varian Medical Systems Groundbreaking on Facility Expansion Triggers Influx of New Jobs to Salt Lake
Press releases may be edited for formatting or style | August 27, 2014
State Business Leaders, Senator Orrin Hatch Join Celebration Marking Construction to Accommodate Continued Growth in Medical Device Sales
SALT LAKE CITY /PRNewswire/ - Varian Medical Systems (NYSE: VAR) today broke ground on new construction that will expand its current Salt Lake City manufacturing facility and allow for the consolidation of operations currently underway outside of Utah to ultimately create 1,000 new full time jobs in the state over the next 20 years.
"Utah is home to hardworking people with immense engineering and technical talent, many of whom can be credited with Varian's success in the manufacturing of our state-of-the-art X-ray technology," said Dow Wilson, CEO of Varian Medical Systems. "Today we celebrate more than 45 years of Varian's economic partnership with Utah which continues to be a sound investment for the future of our company, the state of Utah and Utah's citizens."
Salt Lake City serves as the headquarters for manufacturing Varian's X-ray products and the additional space will allow for Varian's flat panel image detector and X-ray tube product lines as well as cleanrooms, R&D laboratories, expanded manufacturing space and administrative offices. Today, approximately 70 percent of the orders for X-ray products come from customers outside the U.S., making Varian Medical Systems one of Utah's largest exporters.
Joining Wilson with shovels in hand, Senator Orrin Hatch (R-UT); Val Hale, Executive Director of the Governor's Office of Economic Development; Jeff Edwards, CEO of the Economic Development Corporation of Utah; Sunny Sanyal, Senior Vice President and President, Imaging Components Businesses; and those credited with the design and construction, marked the site of the expansion after meeting with Varian employees and touring the existing facility.
"This is an exciting day for Varian Medical Systems and for the state of Utah," said Sen. Orrin Hatch. "Varian has made a significant contribution to Utah's economy and our local community for decades. The company's planned expansion is a testament to the confidence its leaders have in Utah's business climate and is indicative of the growth and success Varian is experiencing in the medical device industry. Varian's capital investment and planned expansion will have a positive impact on Utah's tax base and employment outlook. I look forward to many more years of a successful partnership between Varian and our state."
The effort to expand Varian's presence in Salt Lake City began in January of this year through a partnership with the Governor's Office of Economic Development (GOED). The GOED Board of Directors has approved a tax credit of some $7.1 million in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, in anticipation of receiving more than $35 million from Varian in new state tax revenues over the fifteen year life of the agreement. Each year as Varian meets the criteria in its contracts with the state, it will earn a portion of the tax credit.
SALT LAKE CITY /PRNewswire/ - Varian Medical Systems (NYSE: VAR) today broke ground on new construction that will expand its current Salt Lake City manufacturing facility and allow for the consolidation of operations currently underway outside of Utah to ultimately create 1,000 new full time jobs in the state over the next 20 years.
"Utah is home to hardworking people with immense engineering and technical talent, many of whom can be credited with Varian's success in the manufacturing of our state-of-the-art X-ray technology," said Dow Wilson, CEO of Varian Medical Systems. "Today we celebrate more than 45 years of Varian's economic partnership with Utah which continues to be a sound investment for the future of our company, the state of Utah and Utah's citizens."
Salt Lake City serves as the headquarters for manufacturing Varian's X-ray products and the additional space will allow for Varian's flat panel image detector and X-ray tube product lines as well as cleanrooms, R&D laboratories, expanded manufacturing space and administrative offices. Today, approximately 70 percent of the orders for X-ray products come from customers outside the U.S., making Varian Medical Systems one of Utah's largest exporters.
Joining Wilson with shovels in hand, Senator Orrin Hatch (R-UT); Val Hale, Executive Director of the Governor's Office of Economic Development; Jeff Edwards, CEO of the Economic Development Corporation of Utah; Sunny Sanyal, Senior Vice President and President, Imaging Components Businesses; and those credited with the design and construction, marked the site of the expansion after meeting with Varian employees and touring the existing facility.
"This is an exciting day for Varian Medical Systems and for the state of Utah," said Sen. Orrin Hatch. "Varian has made a significant contribution to Utah's economy and our local community for decades. The company's planned expansion is a testament to the confidence its leaders have in Utah's business climate and is indicative of the growth and success Varian is experiencing in the medical device industry. Varian's capital investment and planned expansion will have a positive impact on Utah's tax base and employment outlook. I look forward to many more years of a successful partnership between Varian and our state."
The effort to expand Varian's presence in Salt Lake City began in January of this year through a partnership with the Governor's Office of Economic Development (GOED). The GOED Board of Directors has approved a tax credit of some $7.1 million in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, in anticipation of receiving more than $35 million from Varian in new state tax revenues over the fifteen year life of the agreement. Each year as Varian meets the criteria in its contracts with the state, it will earn a portion of the tax credit.
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