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BOARD ACTION: IEDA Board Approves Financial Assistance for Six Companies

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Tina Hoffman, Iowa Economic Development Authority

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Iowa Economic Development Authority Board Approves Financial Assistance for Six Companies

 

August 17, 2012 (DES MOINES, IA) - The Iowa Economic Development Authority (IEDA) board today awarded financial assistance to six companies for job creation expansion projects.  Today's awards will assist in the creation of 379 new jobs and will result in $57 million of new capital investment to the state.

 

"These investments represent important growth in Iowa’s targeted industries," said Governor Terry Branstad. “I commend these companies for aggressively seeking new business opportunities and for their contributions to the Iowa economy.”

 

The board approved assistance for planned or proposed projects located in DeWitt, Charles City, Grinnell, West Des Moines, Dubuque and Coralville.

 

“Today’s company announcements and their respective investments provide high value jobs in communities throughout Iowa,” stated IEDA director Debi Durham.  “We are proud to play a role in assisting these companies in bringing new jobs to Iowa.”  

 

Black Cat Blades to locate in DeWitt

The board awarded Black Cat Blades Ltd. (BCB) $250,000 in direct financial assistance as well as tax benefits to establish a warehouse/distribution center and expand production capabilities in DeWitt.  BCB is an international manufacturer of cutting edges, blades, wear parts, or Ground Engaging Tools (GET) for the road maintenance, construction and mining industries.   This $3.6 million capital investment is expected to create 50 jobs.

 

Montezuma manufacturer to open facility in Grinnell

Brownells, Inc. was founded in Montezuma over 70 years ago.  This family-owned company has been providing more than 70,000 types of firearms parts, tools and supplies, including factory parts for three generations.  The board awarded the company tax benefits for its plans to construct a new warehouse and distribution center in Grinnell to meet growing demand.  This $13.8 million capital investment is expected to create 41 jobs.

 

Charles City pharmaceutical company to increase manufacturing capacity

Cambrex Charles City, Inc., a subsidiary of Cambrex Corporation, manufactures Active Pharmaceutical Ingredients (APIs) and pharmaceutical intermediates for both the generic and branded human pharmaceutical markets.  Due to increased business opportunities, Cambrex has identified the need for a capital expansion to increase manufacturing capacity.  The board awarded the company $368,000 in direct financial assistance as well as tax benefits to build a new facility.  This $17 million capital investment is expected to create 46 jobs.

 

Outcomes Incorporated expands operations in West Des Moines

Founded in 1999, Outcomes Incorporated (Outcomes®) is a national leader in Medication Therapy Management (MTM) services.  MTM was coined by Congress in the Medicare Modernization Act of 2003 to describe services by pharmacists that help consumers get the best results from medications.  Given the recent rapid increase in employees and anticipated growth of Outcomes in the near term, the company requires additional office space. The board awarded $150,000, as well as tax benefits, to the company to purchase and renovate a building in West Des Moines.  This $2.2 million capital investment is expected to create 20 jobs. 

 

Rousselot expands operations in Dubuque

Rousselot established operations in Dubuque in 1968 and produces gelatin for the food and pharmaceutical industries.  The company plans to upgrade its current facility via three expansions to existing buildings, new equipment installations and additional utilities.  The board awarded the company tax benefits for its $16 million capital investment project, which is expected to increase production capacity by 40 percent and create 10 jobs.

 

Coralville’s Sedgwick obtains award for expansion project

Sedgwick Claims Management Services, Inc. provides cost-effective and innovative claims, productivity management and managed care solutions to major employers nationwide and in Canada.  The company was awarded $368,000 in direct financial assistance as well as tax benefits for constructing an operations center to accommodate the company’s business expansion needs.  This project represents a $4.5 million capital investment and is expected to create more than 200 jobs, of which 46 will be incented.

 

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Download a spreadsheet of today's awards:

https://www.iowaeconomicdevelopment.com/downloads/aug12awards.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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