IA: EDB Awards Support for $76M in Capital Investment, 43 New Jobs
23 Oct, 2017
The Iowa Economic Development Authority (IEDA) board awarded direct financial assistance and tax benefits to five companies for job creation and expansion projects. These awards will assist in the creation of 43 jobs, retention of seven jobs and will result in over $76 million in new capital investment for the state.
The board approved assistance for planned or proposed projects located in Cedar Falls, Charles City, Dubuque, Norway and Orange City.
BCI Hawkeye Division expanding in Cedar Falls
Initially named Hawkeye Corrugated Box, BCI Hawkeye Division was founded in Cedar Falls in 1967. The company currently services over 400 customers in North America, manufacturing corrugated boxes, retail displays and other packaging. The company is planning to build a new facility and relocating their business there. Upon completion of the project, BCI Hawkeye plans to invest in new machinery that will enable expansion into additional markets. The board awarded the project tax benefits via the High Quality Jobs (HQJ) program. The project has a capital investment of $13.5 million and will create five jobs incented at a qualifying hourly wage of $17.29.
Insurance provider set to expand in Dubuque
Cottingham & Butler Insurance Services, Inc. is headquartered in Dubuque and employs over 800 employees nation-wide. Cottingham & Butler provides a full suite of risk management and employee benefits services. The board awarded Cottingham & Butler $80,000 in direct financial assistance as well as tax benefits via the HQJ program for this expansion project. The project has a capital investment of $2.3 million and will create 20 jobs incented at a qualifying hourly wage of $22.37.
Frontier Natural Products Co-op plans expansion in Benton County
Headquartered in Norway, Iowa, Frontier Natural Products Co-op has been a leading supplier of organic herbs, spices and aromatherapy products since 1976. The co-op’s products can be found in mainstream grocery, natural product, and online retailers throughout the United States and Canada. The board awarded the company tax benefits via HQJ to construct a building for flammable storage, an Innovation Center and to improve sustainability initiatives. The project has a capital investment of $3.1 million and will create two jobs, of which one is incented at a qualifying hourly wage of $24.91. Additionally, seven jobs will be retained at the same qualifying wage.
Manufacturer expanding operations in Orange City
K2W Precision Inc. has rapidly grown into a manufacturer for the racing industry. The company currently offers four different product lines, racing wheels, oil pans, shock absorbers and steering racks. This project will include the purchase of an existing facility and a subsequent expansion. The board awarded K2W Precision Inc. tax benefits via the HQJ program. The project has a capital investment of $3.4 million and will create 10 jobs, of which nine are incented at a qualifying hourly wage of $19.85.
Zoetis plans expansion in Charles City
Zoetis, Inc. is a global animal health company headquartered in Parsippany, New Jersey with a manufacturing facility in Charles City, Iowa. The company has been in the business of manufacturing animal health medicines and vaccines for over 60 years. The company is planning a $54 million expansion project to increase manufacturing capacity. The board awarded the company tax benefits via the HQJ program. The project is expected to create six jobs incented at a qualifying wage of $16.83.