The Iowa Economic Development Authority (IEDA) board approved state financial assistance and tax benefits for seven companies Friday. IEDA spokesperson, Tina Hoffman says a northeast Iowa company that makes off-road tires and rubber tracks won state incentives.
She says Camso is relocating to a new building in Peosta and the board awarded them $30,400 in direct financial assistance as well as tax benefits from the High Quality Jobs program. The plan to spend $4.5M on the new building and promise too create 40 jobs, eight of which at a qualifying hourly wage of $21.18 per hour. Cargill won incentives for its north Iowa egg products company to add an additional production line and freezer space.
“The Cargill Kitchen Solutions is proposing an expansion of its Mason City facility. And so they were awarded tax benefits through the high-quality jobs program for this nine-point-eight million dollar ($9.8) capital investment project,” Hoffman says. The expansion will create more jobs.
She says they expect to create 44 jobs, of which 26 are at a qualifying wage of 16-dollars-79 cents ($16.79) an hour. ContiTech USA, which is a producer of rubber and plastics technology in Mt. Pleasant was given incentives for an expansion.
“The board awarded them 325-thousand dollars in direct financial assistance as well as tax benefits through the high quality jobs program,” Hoffman explains. “And this project is an 11 million dollar capital investment, and they are planning on creating 41 jobs as a result of this.” The Crystal Group in Hiawatha won state incentives to help create more than four dozen jobs.
Hoffman says Crystal Group has outgrown its space and is building a new office and manufacturing facility in Hiawatha with a nearly 19 million dollar investment. The board awarded them 100-thousand dollars in direct financial assistance as well as tax benefits for the creation of 45 jobs. A Monticello company that produces reusable plastic containers, pallets, dunnage and bulk systems received funds to help with its expansion.
An injection molding company in Mt. Pleasant is also adding space. Hoffman says Lomont Molding is expanding its footprint in Mt. Pleasant with additional warehouse space adjacent to the current manufacturing plant. The company received tax benefits from the High Quality Jobs program for the $2.6 million dollar investment. The project is expected to create two jobs. Hoffman says these projects show the diversity of manufacturing in Iowa.
“You know manufacturing is the largest segment of the State of Iowa’s economy,” Hoffman says. “You know people think of us as an ag state — and of course we are that as well — but we truly are a manufacturing state.” The projects overall are expected to create 204 jobs.
