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Show Liability Iaw a Model Manufacturing Creates New Jobs for 7,000 A dozen years ago, the Utah legislature passed for Freeport legislation Utah. By providing a tax immunity for warehoused raw materials and products in transit through the state, it provided the basis for a vast complex of distribution and manufacturing plants more than repaying any inventory tax loser with new jobs and an enlarged property base. Now, the legislature has just passed a law, which will become as important as the freeport law, says Robert E. Halladay, executive vice president of the Utah Manufacturers Assn. The law limits manufacturer liability on products to 10 years following the date of manufacture. It also protects the manufacturer in cases where the buyer has made substantial structural changes in the product. In an age where consumerism also has bred a plethora of consumer suits, manufacturers have had increasing trouble in buying liability insurance. Model Legislation The overall impact of the Utah law has not been totally plumbed. But it will surely serve as model legislation for other states, says Mr. Halladay. Some 72,000 Utahns are now employed in manufacture compared to 57,000 two decades ago, Mr. Halladay notes. The gain is even more substantial when one considers the fact that employment of 20 years ago vas inflated e impact of by the high priority defense aerosthe developpace projects ment of the Minuteman ICBM and other military missiles for example. About 90 per cent of the present manufacturing jobs, he says, could be considered as permanent and non fluctuating. Manufacturing must produce 5,000 new jobs yearly in the state, he said, to meet its mandate to help provide for the outpouring of Utahns from high schools and In 1976, Utah gained 7,000 manufacturing jobs. While that appears good, the gain on an adjusted basis considering the fact that Utah was recovering from a was only minor recession 3,500. Attention to Area More recently, Utahs energy store house, has brought attention to the area. That will continue to attract growth industry. Coal, oil shale, natural gas and other energy sources will be developed and used eventually with little or no harm to the environment, Mr. Halladay says. As far as attracting industry, Utah has an intangible resource that is the envy of the producmany states tivity of its citizens. For years, companies with plants in Utah and elsewhere, have celebrated the Utah production force as among the best in the nation. It is an advantage that few companies can overlook. Manufacturing has provided new job oppor- tunities for women as well as men in Utah. a UNION INVESTMENT COMPANY OF ARIZONA COMMERCIAL FINANCE DIVISION ANNOUNCES THE OPENING OF OUR NEW OFFICE AT Suite 11 SALT LAKE CITY, UTAH 84115 2330 SOUTH MAIN one-tim- Profits Rise 2 Per Cent S6 WASHINGTON (AP) Corporate profits rose in the last quarter of 1976, but by the smallest rate in nearly two years, the Commerce Department says. Profits after taxes reached a seasonally adjusted annual rate of $86.9 billion, 2 per cent more than in the third quarter. It was the seventh consecutive increase but the smallest of the current recovery. The department also revised its gross national product estimate for the quarter. The measure of the nations total output of goods and services grew at an annual rate of 2.6 per cent, adjusted for inflation Freeport law more than decade ago was maj- or landmark in bringing industry to state. WHO WE ARE . . . listed on the American Stock Exchange with assets totaling over $100 million, UNION INVESTMENT COMPANY (formerly Business Factors) has been serving the business community of the Southwest for over 20 years with a full range of financial programs. ... as commercial finance specialists with expertise in secured WHAT WE DO commercial lending it is our business to provide working capital loans based on the security of a companys accounts receivable, inventory or fixed assets, or all three, in a collateral loan package. Accounts Receivable Financing revolving line of credit with up to an 80 advance on eligible accounts receivable. A non-notificati- Inventory Financing Flexible plans to provide additional funds to meet a companys working capital needs. With the opening of our new Salt Lake City office, your UNION INVESTMENT COMPANY business loan will now be handled locally by skilled representatives knowledgeable of local and regional business conditions and how they effect you and your financial needs. Give UNION a call to confidentially explore the ways that one or a combination of the services we offer can assist you in fully realizing your potential. UNION INVESTMENT COMPANY P.O. BOX 151307 Salt Lake City, Utah (801)487-562- 4 |