Essential Oils Company Partners with the State
February 14, 2013
Salt Lake City, Utah – The Governor's Office of Economic Development (GOED) and the Economic Development Corporation of Utah (EDCUtah) along with doTERRA, a Utah company that makes aromatic compounds from natural ingredients, announced that it will expand in the State of Utah.
"Although only a few years old, doTERRA has already brought many jobs to Utah County. This agreement with the state will help the company create even more jobs and tax revenue in Utah County's fast growing economy," Governor Gary Herbert said.
doTERRA has entered into an incentive agreement with the state that will last 10 years. Over that time, the company will pay roughly $83 million in new state tax revenue and will invest $60 million in capital investment.
"We are thrilled to have worked a deal that will continue to grow our productive workforce," GOED executive director Spencer Eccles said. "doTERRA's choice to utilize our incentives program will keep their expansion in Utah and will further benefit the community and the state."
The company will bring 330 new full time jobs to their headquarters in Pleasant Grove, Utah. These jobs will pay $136.4 million in new state wages, or at least 125 percent of Utah County's average annual wage including benefits.
Pleasant Grove is thrilled that doTERRA has chosen our community for their new global headquarters. doTERRA is a quality organization from top to bottom. They have a stellar reputation throughout Utah and around the world, and we are proud that they have chosen to associate their brand with Pleasant Grove," Pleasant Grove Mayor Bruce Call said.
doTERRA's essential oils are some of the purest essential oils available worldwide. Their products are all carefully extracted and tested by skilled growers, distillers, and chemists and contain no artificial ingredients.
"Due to the growing number of people looking to complement their healthcare in natural ways, it is critical that doTERRA invest in new facilities to meet the demand," said David Stirling, doTERRA Founding Executive, CEO & President. "The new facilities will allow for scientific testing and analysis, product development, information technology, marketing, product distribution and customer support.
Stirling also noted that their new corporate headquarters will provide a workplace for their rapidly expanding Utah-based workforce. Stirling went on to say, "we know from experience that Utah County attracts a highly-skilled, educated workforce and we are pleased the city of Pleasant Grove will be the center of our global operations for years to come. City, county, and state government officials have been wonderful to work with through this process, showing once again why Utah continues to be among the nation's leaders in economic development."
The GOED Board of Directors has approved a post-performance Economic Development Tax Increment Financing refundable tax credit (EDTIF) of $16,655,814, or 20 percent of the new state revenue paid by the company over the 10 year life of the agreement.