Together with the Governor’s Office of Economic Development, Armada Skis, Inc. announced it will relocate its headquarters to Summit County.
Armada was founded in 2002 by a dedicated group of professional skiers. The Company designs, markets and distributes innovative and premium quality alpine skis, poles, technical outerwear, clothing, accessories and related products. Armada is a family and athlete owned business. The company has become the leading privately held ski company in North America and is the reference for modern skiing and the mountain lifestyle.
“In Utah we greatly value the outdoor industry and believe it will be an important source of future growth for the state as companies like Armada Skis choose to locate here,” said Val Hale, executive director of GOED. “We feel fortunate to open our arms and welcome Armada Skis to our family of outdoor products companies.”
“Armada is excited about relocating to Utah. We would like to thank edcUTAH, GOED, and the Summit County Council for their support in our planned relocation,” said Erik Snyder, CEO of Armada Skis. “The combination of Utah’s business environment and abundance of world class skiing make Summit County the ideal home for Armada’s future.”
The Utah location will house Armada’s Global Headquarters including a research and development center, warehousing/distribution, and showroom. Armada will produce and test its prototypes at the new location. Armada Skis’ products are distributed in more than 40 countries and the Headquarters in Utah will be central to the entire operation.
Armada Skis has indicated that they will be creating 56 new jobs over the next eight years. The total wages, including medical benefits, in aggregate are expected to exceed 100 percent of the county average wage. The projected new state wages over the life of the agreement are expected to be approximately $31,718,981. Projected new state tax revenues, as a result of corporate, payroll and sales taxes, are estimated to be $1,774,597 over eight years. The new Armada Skis facility has the potential to result in an expected capital investment of $500,000.
“Armada’s decision to move to Utah is a huge benefit to our state’s outdoor products industry,” said Jeff Edwards, president and CEO of the Economic Development Corporation of Utah (EDCUtah.) “For a ski company like Armada the big draw to Utah is our climate: both our great environmental climate and our strong business climate.”
As part of a contract with Armada Skis, the GOED Board of Directors has approved up to a maximum tax credit of $354,919 in the form of a post-performance Economic Development Tax Increment Finance (EDTIF) incentive, which is 20 percent of the new state taxes Armada Skis will pay over the eight-year life of the agreement. Each year as Armada Skis meets the criteria in its contract with the state, it will earn a portion of the total tax credit incentive.