Italian cycling parts firm gets state aid

Nov 18, 2015 673

Ogden's ambition to be a recreation-industry hub got a boost this week when the Governor's Office of Economic Development board provided an incentive to attract an Italian bicycle-parts manufacturer to the area. Selle Royal, which was founded in Italy in 1956 and made a big move into mountin biking in 2008, will receive a post-performance tax rebate of up to $272,103 if it lives up to its facility plans.

The company told state officials it plans to create 65 jobs over the next seven years. Paying wages that, in aggregate, exceed the Weber County average by 110 percent. GOED said these positions will generate $16.2 million in new wages and $1.4 million in additional state tax revenues. Selle Royal also is expected to invest up to $4 million in the new facility.

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Source: http://www.sltrib.com/

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