SALT LAKE CITY, UT, UNITED STATES, March 16, 2026 /EINPresswire.com/ — The Utah Inland Port Authority (UIPA) Board today approved a post-performance incentive to support the LS ELECTRIC Co. Ltd. (LS Electric) planned expansion of the MCM Engineering II (MCM) advanced manufacturing campus within UIPA’s Iron Springs Project Area in Iron County.
MCM’s 5-to-7-year, $168 million investment will add three new manufacturing facilities by 2030, significantly expanding LS Electric’s U.S. production footprint in the west.
“This expansion represents the next phase of LS Electric’s long-term commitment to advanced manufacturing in Utah,” said Chunghee (Charlie) Lee, President/CEO of LS ELECTRIC America and President of MCM Engineering II. “Utah’s workforce, infrastructure, and collaborative economic development environment make it a strong location for continued investment. We appreciate the partnership with UIPA and local leaders as we advance this next phase.”
MCM Engineering II was acquired by LS Electric in 2022. LS Electric is a global South Korean company specializing in smart energy, power transmission, automation, and renewable energy systems, that employs over 4,500 people. Since that acquisition, MCM has added 27,000 square feet of manufacturing space and 45 new jobs. The newly approved expansion will add approximately 294,000 square feet of additional manufacturing capacity and create more than 250 new, high-quality jobs in Iron County.
“Projects like this matter deeply in Iron County,” said Enoch City Mayor Jim Rushton. “We’re a community built on hard work and family roots. When a company chooses to grow here, it means our residents can build careers close to home, raise their families here, and be part of something that’s shaping the future of energy and manufacturing.”
Under the approved agreement, LS Electric – MCM Engineering is eligible to receive up to 30 percent of the qualified tax differential over a 25-year period. The tax differential applies only to new property tax value generated by development within the project area. Under UIPA’s structure, 75 percent of new property tax growth is administered by UIPA; the company may receive up to 30 percent of that portion as a post-performance rebate tied directly to verified capital investment and job creation milestones.
This structure ensures that only new growth supports the incentive, while protecting existing local tax bases.
“This project reflects the kind of targeted manufacturing growth Utah is positioned to attract,” said Ben Hart, Executive Director of the Utah Inland Port Authority. “LS Electric’s investment strengthens Iron County’s advanced manufacturing ecosystem, supports energy and grid modernization industries, and reinforces Utah’s competitiveness in securing high-value industrial expansion.”
Local and regional economic development partners collaborated closely with LS Electric as the company evaluated site options across multiple U.S. locations.
Businesses eligible for incentives within UIPA project areas must align with targeted industries identified by local governments and meet capital investment thresholds. Incentives are performance-based and tied to verified job creation and capital expenditures.
Kaitlin Felsted
UIPA
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