IA: Nine Companies to Invest $212M, Expand, Create 318 Jobs
22 Jan, 2013
The Iowa Economic Development Authority (IEDA) board awarded financial assistance to nine companies for job creation and expansion projects. These awards will assist in the creation of 318 jobs and will result in over $212 million in new capital investment for the state. The board also approved assistance for six innovation start-up projects.
“We are continuing to see existing Iowa companies choose to increase their presence in the state, and that’s a good sign we’re on the right track with our economic development efforts. We celebrate the job creation announcements coming from both existing and new industry projects today,” said Governor Terry Branstad.
The board approved assistance for planned or proposed projects located in Ames, Le Mars, Peosta, Charles City, Eddyville, Williamsburg, Grinnell, Cedar Rapids, Davenport Butler County, Carroll, Iowa City and Rockwell City.
IEDA director Debi Durham added, “Today’s announcements indicate that companies find Iowa to be an attractive place to create jobs and flourish. We continue to work towards our goals and promote Iowa’s competitive business climate.”
3M plans improvements to Ames facility
Global innovator, 3M, manufactures an array of products from electronic devices to industrial equipment. The board awarded the company tax benefits to purchase and install equipment to manufacture products that perform much better than products currently on the market. Process and productivity improvement activities over the past few years will allow the facility to consolidate some processes in order to free up space for the additional manufacturing. This $24 million capital investment is expected to create 75 jobs, of which 63 are incented.
Le Mars food manufacturer to expand
BoDeans Wafer Company produces wafers and has been in operation in Le Mars since 2006. The company was awarded tax benefits to expand its current facility and install an additional product line. The $7.5 million capital investment is expected to create 11 jobs.
Bodine Electric Company expands manufacturing capabilities in Peosta
The board awarded Northfield, IL-based Bodine Electric Company $175,000 in direct financial assistance for the expansion of its primary manufacturing facility located in Peosta. The expansion will allow the company to meet demand for gearmotors. The project is expected to create 35 jobs and represents a capital investment of $1.75 million.
Charles City manufacturer proposes expansion
Hawkeye Preferred Tooling Group is a full-service mold manufacturing company located in Charles City. The company is a value-added manufacturer of molds and tooling with a concentration on the industrial blow molding market. Hawkeye was awarded tax benefits by the board to expand and upgrade the infrastructure at its current facility. The $542,000 capital investment is expected to create 15 jobs.
HF Chlor Alkali LLC plans $131.5 million capital investment in new Eddyville facility
The board awarded HF Chlor Alkali LLC $75,000 in direct financial assistance as well as tax benefits for the development of a new membrane-grade salt conversion manufacturing plant at the Cargill Midwest Bioprocessing Campus in Eddyville. The $131.5 million capital investment is expected to create 18 jobs.
Monsanto Company and Subsidiaries plans expansion projects with $21.5 capital investment in Williamsburg and Grinnell
Monsanto Company and Subsidiaries was awarded tax assistance to expand seed corn operations at its Grinnell facility and Williamsburg locations. Monsanto is a leading provider of agricultural products for farmers. The proposed project, which represents a $21.5 million capital investment, is expected to create eight new jobs in Grinnell.
Cedar Rapids’ RuffaloCODY plans to construct new facility
RuffaloCODY provides strategic fundraising and enrollment management services, including management of student phonathons and off-campus calling programs. The company was awarded $425,000 in direct financial assistance as well as tax benefits to lease a build-to-suit facility of 60,000 square feet in southwest Cedar Rapids. The $700,000 capital investment is projected to create 111 jobs, of which 85 are incented.
Truck parts distributor in Davenport to expand
Sadler Power Train is a distributor of light, medium and heavy duty truck parts with stores in Cedar Rapids, Davenport, Dubuque and Waterloo. The company was awarded tax benefits to relocate its current facility to the Eastern Iowa Industrial Center, also located in Davenport. This $3.2 million capital investment is expected to create six jobs.
Zinpro Corporation to open new facility in Butler County near Shell Rock
Minnesota-based Zinpro Corporation is a manufacturer of trace mineral supplements for animal feeds. The company was awarded $320,000 in direct financial assistance as well as tax benefits to build a new manufacturing facility in Butler County, near Shell Rock, that is projected to create 39 jobs. The project represents a $21 million capital investment.