Denver woos Smartwool owner VF Corp. with $27M in tax incentives
DENVER — VF Corporation — the parent company of popular outdoor brands like Smartwool, The North Face and JanSport — announced Monday it will move its global headquarters to Denver, bringing 800 high-paying jobs with it.
The relocation announcement came after the Colorado Economic Development Commission on Wednesday provided the company, going by the codename Project Cardinal, with $27 million in job growth incentive tax credits, the second largest award ever. Of those credits, $13 million are transferable, meaning they can be sold to other companies.
The jobs come with an average annual wage of $185,721. That is nearly triple the average wage offered in Denver today and is the highest figure a company that has applied for state economic development incentives has brought to the table. VF officials declined to provide a salary range for the incoming jobs.
To put the company’s size in perspective, VF had a market value of $36.8 billion at the close of trading Monday. Colorado’s largest public company, Newmont Mining, is valued by investors at $19 billion, while the second largest, Dish Network, is valued at $16.4 billion.
The only incentive arrangement larger than VF’s was Charter Communications’ $34.4 million package approved last year. That payment hinges on Charter creating 1,200 new high-paying jobs in the state by 2025.
Read the full story at DenverPost.com.
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