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Utah has offered Liberty Safe and Security Products an incentive worth as much as $342,000 to expand its facility in Payson.
The incentive, in the form of a tax rebate payable over seven years, is designed to ensure the company invests $8 million in Utah in a larger facility that when completed would add 50 new full-time workers, company officials said Thursday. The incentive was approved by the Governor's Office of Economic Development Board.
Board members supported the incentive offer, citing the benefits to Utah County during difficult economic times.
Jeff Talley, president and CEO of Liberty Safe, in a statement lauding Utah's "attractive business conditions" and the incentive as helping the company decide to expand in Utah. The company employs 255 and also has operations in Georgia, Illinois, Minnesota, Pennsylvania and Tennessee.
Under the terms of the state's offer, the company must meet certain criteria, including hiring goals, to receive all the incentive money over the seven-year period.
Liberty Safe, which manufactures and sells residential safes in the United States and Canada, was founded in 1988 and is headquartered in Payson. It sells its home, gun, office and commercial safes under brands such as Liberty, National Security, Freedom Security and Centurion, John Deere and Remington.
Its products are found in more than 4,000 retail outlets nationwide, including stores such as Cabela's, The Sports Authority, Lowe's and Sam's Club.