NIBLEY – Cache Valley-grown luxury bedding company Malouf will be expanding its Nibley operations even more, thanks to some significant tax incentives from the Utah Governor’s Office of Economic Development (GOED). The Nibley-based company will be investing over $120 million over the next 10 years and adding nearly 1,200 new jobs in Cache Valley as they expand their headquarters.
“Utah is home to so many of our employees, and I’m very grateful that the Governor’s Office of Economic Development believes in us,” CEO Sam Malouf said in a statement Thursday. “We’ve been working on this partnership for three years to bring more jobs to Utah and cement our future here. This announcement is timed perfectly and an indicator of future job stability and growth in our state.”
“It is a tribute to the community-oriented culture in Cache Valley, and to Utah’s state and local leaders, all who share those same values,” Malouf chief legal officer Jeff Steed added. “We could not be more grateful and excited to call this place ‘home.’”
Founded in 2003, the bedding and furniture manufacturer and distributor has products that can be found in major retailers like RC Willey and Mattress Firm, and are also available at online retailers like Amazon.
“Malouf is growing rapidly, and with this new expansion, they plan on building a new corporate headquarters in Nibley,” said Val Hale, GOED’s executive director. “This expansion will create over a thousand new jobs in Cache Valley in areas including finance, marketing and software development.”
As part of the incentive package from GOED, Malouf may earn up to 25% of the new state taxes it will pay over the 10-year life of the agreement in the form of a Utah Legislature-authorized Economic Development Tax Increment Finance (EDTIF) tax credit. The GOED Board has approved a post-performance tax credit not to exceed $14,386,550. Each year that Malouf meets the criteria in its contract with the state, it will earn a portion of the total tax credit. With this expansion, they plan to hire 1,195 employees.
“Six years ago, Malouf took a chance on our community and moved from Logan to Nibley,” said Shaun Dustin, Nibley city mayor. “Since then, they have been a dynamic and exciting driver of economic development in Nibley and a model corporate partner.”
Mayor Dustin also thanked Utah Lt. Gov. Spencer Cox, Gov. Gary Herbert, GOED, the Cache County School District, and others who worked together to solidify the partnership, keeping Malouf headquartered in Nibley.
“Malouf has found a home in Nibley and is a model for providing opportunity to Cache County’s talented workforce, and lending community support through philanthropy,” said Theresa A. Foxley, president and CEO of EDCUtah. “As a company with growing international reach, they have a choice of where to expand, and we’re thrilled that they’re continuing to invest in Utah.”
Recently, Malouf also announced their acquisition of furniture company Salt Flat. The purchase by Malouf will allow it to now offer manufacturing capabilities for living room, dining room, bedroom, outdoor, storage and office furniture. The Salt Flat product line has developed over the last 30 years and can be found in retail locations throughout the Intermountain West, and will now be made available throughout the country.