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BOARD ACTION: Economic Development Board Approves Projects that Would Create 150 New Iowa jobs

Economic Development Board

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Kay Snyder, IDED, 515.725.3150
communications@iowaeda.com

Economic Development Board approves projects that would create 150 new Iowa jobs

February, 17,2011 (DES MOINES) -- The Iowa Department of Economic Development (IDED) announced today that six companies are planning or proposing more than 150 new Iowa jobs as a result of financial incentives awarded by the department.

The Board approved incentives today for projects or proposals in Independence, Fort Madison, Fairfield, Waverly, Osceola and Knoxville.

“This is a representation of the statewide business expansion that is taking place in Iowa,” stated Governor Branstad. “Over the next three weeks I will be meeting and networking with Iowans throughout the state to discuss our plans for growing our economy and listening to feedback on what support the State can provide to business to foster their continued growth.”

“This is an exciting time for economic development in Iowa,” stated Debi Durham, director of IDED. “We are developing a new model for economic development which will streamline operations and strengthen partnerships at all levels to support the large number of projects we expect to coming through the pipeline.”

Awards approved today include the following:

Company to upgrade Fairfield plant

The board approved tax incentives through the Enterprise Zone program for Revstone Industries to renovate and upgrade the Revstone Casting Fairfield facility. The project represents a $1.5 million capital investment and is expected to create 52 jobs, all of which are supported by state incentives. The company is a supplier of original equipment manufacturer parts, aftermarket parts and tooling and counts all major North American automotive OEMs among its customers. Revstone Industries is a global company with manufacturing facilities across the United States, as well as in Canada, Costa Rica and Mexico. The company acquired Dexter Foundry’s Fairfield operation in November, transitioning 183 Dexter employees to Revstone.

 

Independence company proposes expansion

The board approved tax incentives through the High Quality Jobs Program to Bachman Tool and Die Co. for a proposed expansion in Independence. The proposal includes the purchase of machinery and equipment and new research and development expenditures expected to help meet customer demand, remain competitive and develop new products. The project represents a $750,000 capital investment and is expected to create three jobs supported by state incentives. Established in 1972, the tool and die manufacturer performs precision machining of fabricated parts for clients across the United States. The company currently operates in three locations in Independence.

DuPont proposes upgrades to Madison plant

The board awarded $150,000 in direct financial assistance to E.I. DuPont de Nemours for a proposed expansion of its manufacturing operation in Fort Madison. The company is the world’s largest producer of digital pigmented inks and also produces polymers at the Fort Madison plant that are components of automotive paints. The company is proposing a three-phase upgrade to the plant, one of which includes modifications allowing it to make polyurethane resins there. The second phase includes a new mill to add dispersion capacity for the company’s Tedlar® business; the third is an ink research and development pilot facility for pigment encapsulation. The project represents a nearly $3.3 million capital investment and is expected to create eight jobs, six of which are supported by state incentives. The board also approved tax incentives through the High Quality Jobs program.

Manufacturer to add jobs in Waverly

The board awarded $500,000 in direct financial assistance to Terex, LLC, for an expansion in Waverly. Terex, a global equipment manufacturer, currently has its Global Business Services division in Waverly that employs 13 on a full-time basis. The company plans to expand employment over a three-year period and name a permanent location for its shared service operation. The project is expected to create 45 jobs, 29 of which are supported by state incentives. Another seven jobs are expected to be retained as a result of state incentives. Terex employs 16,000 worldwide and designs and manufactures construction and materials processing equipment, cranes and aerial work platforms.

Hatchery proposed for Osceola

The board approved Enterprise Zone tax incentives for Valley of the Moon Commercial Poults for construction of an 87,000-square foot commercial turkey egg hatchery. The hatchery would supply day-old turkey poults to customers in the North American market. The project, previously approved for another location, represents a $16.7 million capital investment and is expected to create 33 new jobs, 11 of which are supported by state incentives.

Manufacturer proposes expansion in Knoxville

The board approved $50,000 in direct financial assistance and Enterprise Zone tax incentives to Weiler, Inc. for a proposed expansion. The company is proposing a 97,000 square-foot building expansion and the purchase of machinery and equipment to increase production capacity. Some of the company’s products include road graders, core saws used for road repair and utility rehabilitation, as well as road-building equipment. The proposal represents a $4.69 million capital investment and is expected to create 16 jobs, 15 of which are supported by state incentives.

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Download a spreadsheet of these awards: http://www.iowalifechanging.com/downloads/feb11awards.pdf.

 

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Iowa Economic Development Authority
200 East Grand Avenue
Des Moines, Iowa 50309
Phone: 1.515.348.6200
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