For Immediate Release: Jan. 11, 2011
Foreign Trade Zone
helps Goodyear attract jobs
ARIZ. (Jan. 11, 2011)
Goodyear is among a select group of communities recently approved for a new Foreign
Trade Zone (FTZ) in the West Valley. The Greater Maricopa Foreign Trade Zone
(GMFTZ) was formed and is administered by WESTMARC, and comprised of several
West Valley communities. GMFTZ was approved by the U.S. Department of
Commerce's Foreign Trade Zones Board on Dec. 22, 2010. Goodyear has two General
Purpose FTZ locations: Palm Valley 303 and Goodyear Gateway South. Goodyear
Crossings Industrial Park has also applied to the Foreign Trade Board for
General Purpose FTZ status within the GMFTZ.
incentives offered by the FTZ designation will help Goodyear attract more
businesses, like Sub-Zero, Inc., the Wisconsin-based maker of luxury
refrigerators and freezers, which was attracted by the FTZ and is already
planning to bring more than 300 jobs to the area when it opens its new facility
in Goodyear this year.
FTZ designation is a valuable tool that is useful in attracting and retaining
businesses, and creating new job opportunities. Businesses in FTZs are treated
as though they are outside U.S. Custom's territory, and merchandise that is
being repacked, assembled, manufactured, displayed, or placed in storage can be
brought into the FTZ duty-free. Imports can be moved more quickly, without full
customs formalities. Businesses in Arizona FTZs are also eligible for substantial
reductions on real and personal property taxes.