The Nevada Governor’s Office of Economic Development approved five companies that will receive $2,246,263 in tax abatements.
In return, these companies are projected to create 235 jobs in the next two years at an average weighted hourly wage of $31.91. That figure is expected to grow to 605 in five years. Additionally, these companies will make capital investments of $22,234,309 in the first two years of operation and generate $34,514,879 in new tax revenues over the 10-year abatement period.
“Nevada continues to attract quality companies who are creating good jobs,” said Gov. Joe Lombardo. “Since the beginning of my term, Nevada has issued 10 abatements that will create 3,739 jobs over five years. These companies are making $3.6 billion in capital investment and will generate $838 million in new tax revenues during the abatement periods.”
Three of the companies receiving abatements are in Clark County and two of them are in Storey County.
“These companies expanding into Nevada nicely reflect the GOED economic development plan that GOED recently released,” said Tom Burns, GOED executive director. “We believe that realizing Nevada’s electric, innovative, and connected future provides a roadmap for state leadership to leverage Nevada’s assets, build upon its emerging growth, diversification, and innovation, and ensure inclusive growth.”
The companies approved for abatement include:
• Indigo Pharmaceutical, LLC plans to establish a Pharmaceutical Research, Development and Manufacturing facility in Clark County. The company focuses on the areas of clinical practice with the highest demand for compounded pharmaceuticals. It was approved for $1,456,062 in tax abatements. It is projected to create 100 jobs in the first two years of operation at an average weighted hourly wage of $34.20. This company will make $13,203,084 in capital equipment investment within the first two years of operation and generate $12,356,745 in new tax revenues over the 10-year abatement period.
• Pallas Industries, Inc., is considering Storey County as a location for a new 21,500 square foot propulsion development and aerospace and defense manufacturing center. This center will develop, produce, and test solid rocket motors for the next generation of advanced American missiles and interceptors. It was approved for $33,895 in tax abatements. It is projected to create 12 jobs in the first two years of operation at an average weighted hourly wage of $45.67. It is expected to grow to 297 jobs in five years. This company will make $307,500 in capital equipment investment within the first two years of operation and generate $5,350,524 in new tax revenues over the 10-year abatement period.
• Rechargeable Power Energy North America LLC plans to expand its existing Clark County facility from 8,000 square feet to 20,000 square feet within the next few months. RPE manufactures and supplies solar generators, battery systems, chargers, and OEM batteries through online stores. They also seek to provide a lithium battery solution for all new high-power equipment, to ensure these applications are safer and last longer. It was approved for $164,212 in tax abatements. It is projected to create 88 jobs in the first two years of operation at an average weighted hourly wage of $28.50. It is expected to grow to 104 jobs in five years. This company will make $906,890 in capital equipment investment within the first two years of operation and generate $7,264,539 in new tax revenues over the 10-year abatement period.
• Tranzonic Companies will be expanding its existing Clark County manufacturing and distribution facility from 136,207 square feet to 397,740 square feet within the next few months. The company’s existing facility focuses on the production of paper products that includes a portfolio of cleaning, maintenance, absorbents, and personal protection products. It was approved for $227,517 in tax abatements. It is projected to create 18 jobs in the first two years of operation at an average weighted hourly wage of $28.28. It is expected to grow to 48 jobs in five years. This company will make $2,736,835 in capital equipment investment within the first two years of operation and generate $8,112,302 in new tax revenues over the 10-year abatement period.
• Trivium Packaging USA, Inc., plans to grow its metal packaging operation in Storey County to accommodate customer demand. Trivium is a manufacturer of innovative, sustainable, reliable, and customizable metal recyclable products. It was approved for $364,577 in tax abatements. It is projected to create 17 jobs in the first two years of operation at an average weighted hourly wage of $30.29. It is expected to grow to 56 jobs in five years. The company will make $5,080,000 in capital equipment investment within the first two years of operation and generate $1,430,769 in new tax revenues over the 10-year abatement period.
