Payson company to expand, add over 50 jobs

SALT LAKE CITY — The Governor’s Office of Economic Development Thursday approved a tax incentive to assist a Utah County-based safe manufacturing company to expand.

Liberty Safe and Security Products Inc. will invest $8 million to expand its production facility in Payson. When completed, the operation is anticipated to employ more than 50 new full-time workers with wages in excess of 125 percent of the Utah County average wage, including full benefits.

New state wages paid by the company, over the seven-year life of the incentive, will exceed $10 million and the state expects to receive more than $2 million in new taxes over the same period, state officials said.

If Liberty Safe meets its targets, the state will provide a post-performance incentive of $342,000, representing an estimated 15 percent of total revenue for the seven-year period.