BEAR Press Release
John Houston from Intermountain Electronics was the presenter for the Business Expansion and Retention (BEAR) meeting on Oct. 10. Houston impressed the audience with his plans for the expansion and growth of his company. The plan is expected to quadruple revenue from $60 million to $250 million over the next 15 years.
“We have offices in Utah Colorado, Illinois and Ohio. The expansion plans are for the Price office,” stated Houston. “We are deeply rooted in Utah. Intermountain Electronics was founded and is headquartered in Price. Our expansion plans are extensive and will present many challenges.”
Houston said the growth and tax incentives that were offered in the local area were the driving force in the company’s decision to expand here. He explained the incentives offered made it possible to move forward and feel comfortable with the project.
Intermountain Electronics Inc. is a dynamic company that designs, engineers, manufactures and services custom electrical distribution and control equipment for underground mining, surface mining, power generation, oil, gas and renewable energy, water/wastewater operations, refineries, tunneling and utilities.
In the last 30 years of business, the company has evolved significantly. Some of their work is cutting edge, including many “world’s largest” or “world’s first.” One example is the construction of the world’s largest lithium ion battery storage facility. The scope of work has opened new revenue streams and the company’s clientele range from the coal industry to Google and Facebook.
Earlier this year during planning for the expansion, the location was to be in either the Price area or at the present Denver location.
“We conducted a business case review to determine optimal location,” said Houston. “We requested incentive package information from both states. Utah provided a top-tier incentive package (a 30 percent tax abatement over a 15-year horizon) based on the company creating over 280 new jobs in Utah over the next 12 years.”
In late July, Intermountain Electronics formally made the decision to proceed with the Utah expansion. That investment is estimated to be $12 to $15 million over the next seven years. The first phase will proceed as quickly as architectural and civil engineering can be completed. The company is targeting completion of civil engineering by the end of this year with groundbreaking and the primary construction of phase one of the new facility occurring in the spring or fall of next year.
Currently, the Utah office produces 55 percent of the production for the company. Presently, 125 of the 204 current employees work at the home office.
“The expansion will employ 230 employees for the construction project and 280 new jobs at the Price factory,” he said. “We are confident in our ability to build the factory. Our biggest concern and focus area is on finding the skilled talent to staff the new facility while working closely with various government and local entities.”
He said the company is offering good jobs and career paths with full medical insurance and six percent + 401K match programs.
“Our goal is to be the dominant player in our industry by becoming the employer of choice in the communities where we operate and the supplier of choice in the markets we serve. We strive to create customer confidence through extraordinary service and experienced industry experts,” concluded Houston.