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FiberTEK Insulation goes west

FiberTEK Insulation LLC, a Florida-based fiberglass insulation manufacturer said it will build a 99-employee plant in Nephi, Utah, after receiving USD 4 million in state incentives.
The privately hel…

FiberTEK Insulation LLC, a Florida-based fiberglass insulation manufacturer said it will build a 99-employee plant in Nephi, Utah, after receiving USD 4 million in state incentives. The privately held firm said the 27,870 -square-meter facility will be completed by late 2008. It will be the company“s second manufacturing plant, complementing a 100-employee, 25,550-square-meter plant near Tampa, Florida that provides insulation to residential, commercial and industrial markets in the Eastern US. During a Governor“s Office of Economic Development Board conference call to approve the incentives, Nephi Mayor Mark Jones said the new plant would provide jobs for local residents. He added that he had traveled to FiberTEK“s Florida plant and met management, employees, nearby businesses and people in the neighborhood. He described the feedback as “very positive”. The state incentives will be from two sources: USD 1.25 million from the Industrial Assistance Fund, which will reimburse the company for costs associated with the addition of a new substation by Nephi Power to serve the plant, and a job-creation tax rebate of USD 2.75 million. Nephi Power will pay at least USD 1 million to add capacity at the substation to serve more than just the plant, and Mr. Jones said he expects other companies to move in and support FiberTEK.

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