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BOARD ACTION: IEDA Board Approves Assistance for Six Companies

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Tina Hoffman, Iowa Economic Development Authority

Phone: 515.725.3150 or Cell: 515.783.8225

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Iowa Economic Development Authority Board Approves Financial Assistance for Six Companies

October 19, 2012 (DES MOINES, IA) - The Iowa Economic Development Authority (IEDA) board today awarded financial assistance to six companies for job creation, expansion and small business development projects. Today's awards will assist in the creation of 112 new jobs and will result in $15.8 million of new capital investment to the state.

"We continue to collaborate with businesses and communities to achieve our goal of creating high quality jobs in Iowa," said IEDA director Debi Durham.  "We are pleased to see the positive impact of state programs on communities statewide.”

The board approved assistance for planned or proposed projects located in Burlington, Urbandale, Story City, Sioux Center, Sibley and Janesville.

Alfagomma America plans to take over the stainless steel tube production from its affiliate
Alfagomma America began its first and only U.S. facility in Burlington in 2003.  The company assembles flexible hydraulic hoses for earth-moving equipment and agricultural uses and plans to take over the stainless steel tube production from its affiliate, located in Italy.  Equipment will be purchased and installed in 2012 with training to start immediately.  The project is expected to create 14 jobs.  The board awarded the company tax benefits for this $1.3 million capital investment.

Global automotive supplier to consider opening assembly and warehousing facility in Urbandale
The board awarded DENSO Manufacturing Michigan, Inc. (DMMI) tax benefits for a proposed assembly and warehousing facility in Urbandale. DENSO is a global automotive supplier of advanced technology, systems and components in the areas of thermal, powertrain control, electric, electronics and information and safety systems. DMMI plans to assemble cooling modules for customers in the agriculture and construction industries among other products. The project was awarded tax benefits by the board, is expected to create seven jobs and represents a $521,000 capital investment.

Story City company plans expansion
Located in Story City, Generation Repair and Service’s primary operation is the repay and rebuilding of gearboxes for electric generating wind sites owned by an affiliate. The existing facility will be expanded by 24,000 square feet to accommodate increased demand.  The board awarded the company tax benefits for this project, which is expected to create seven jobs and amount to a $10.5 million capital investment.

Interstates Companies to purchase facility
The Interstates Companies, based in Sioux Center since its inception in 1953, has grown into the electrical construction, engineering, instrumentation and factory automation and controls market on a national level for industrial clients.  The company is planning to purchase a facility, remodel the structure and move existing operations to this building in an effort to accommodate growth and expand the services offered.  The board awarded the company $225,000 in direct financial assistance as well as tax benefits for this $1.5 million capital investment.  The project is expected to create 45 jobs, of which 30 are incented.

Sibley food processing company awarded direct financial assistance
Iowa Drying and Processing (IDP) is a start-up company based in Sibley that will be drying and processing ingredients for the food and feed industries.  IDP will be serving a number of customers who produce and distribute food and animal feeds and the ingredients used to make them.  The board awarded the company $150,000 in direct financial assistance to lease and renovate a vacant facility and procure equipment.   This $1.3 million capital investment is expected to create 30 jobs.

Manufacturing facility considering expansion in Janesville
Ohler Pump, a division of W.S. Darley & Co., is headquartered in Illinois with a manufacturing, engineering and research and development operation in Janesville, Iowa.  Darley & Co. has been awarded a contract with the US Marine Corps for 600 GPM Fuel and Water Transfer Pumps. The location for assembly of these pumps is currently under review.  The board awarded the company $36,000 in direct financial assistance as well as tax benefits for this $595,000 capital investment.  The project is expected to create nine jobs.

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Download a spreadsheet of today's awards:

https://www.iowaeconomicdevelopment.com/downloads/oct12awards.pdf

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