Iowa Incentives Help Five Companies Invest $48M

The Iowa Economic Development Authority board recently approved direct financial assistance and tax benefits to five companies that will result in 62 new jobs across the state.


https://businessfacilities.com/2017/08/iowa-incentives-help-five-companies-invest-48m/
The Iowa Economic Development Authority board recently approved direct financial assistance and tax benefits to five companies that will result in 62 new jobs across the state.
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Iowa Incentives Help Five Companies Invest $48M

The Iowa Economic Development Authority board recently approved direct financial assistance and tax benefits to five companies that will result in 62 new jobs across the state.

Iowa Incentives Help Five Companies Invest $48M

Earlier this month, 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 62 jobs and will result in over $48 million in new capital investment for the state. The board also approved awards for strategic infrastructure, entrepreneurial assistance and a reinvestment district project.

Charles City Iowa
The IEDA board awarded Cambrex Charles City, Inc. $125,000 in direct financial assistance and tax benefits via the High Quality Jobs (HQJ) program. The pharmaceutical company is expected to create 29 new jobs with its $27 million expansion project.

Pharmaceutical Company Expanding In Charles City

Cambrex Charles City, Inc., a subsidiary of Cambrex Corporation of East Rutherford, NJ, manufactures Active Pharmaceutical Ingredients (APIs) and pharmaceutical intermediates for both generic and branded human pharmaceutical markets for clinical trials and commercial supply. The company currently supplies APIs for the treatment of ADHD, smoking cessation, oncology and Crohn’s disease, among other things. The company is planning a $27 million expansion project to increase manufacturing capacity as a result of the rapid growth it’s experienced. The board awarded Cambrex $125,000 in direct financial assistance as well as tax benefits via the High Quality Jobs (HQJ) program. The project is expected to create 29 new jobs.

Crystal Distribution Services Expanding In Waterloo

Crystal Distribution Services, Inc. began operation in the Waterloo area in the late 1800s by cutting ice from the local river and distributing it around the country. Today, Crystal provides temperature-controlled warehouse and repackaging services to food processing companies, not only in Iowa, but around the globe. The company is constructing a new 50,000-square-foot freezer space to continue to provide quality service to both current and prospective customers. The project has a capital investment of $5.5 million and will create one additional job. The board awarded this project tax benefits via HQJ.

Farmers Edge Plans Testing Laboratory In Grimes

Farmers Edge is a global leader in decision agriculture. By combining hardware and software innovation with advisors on the ground, Farmers Edge gives growers the data needed to make informed decisions on the farm. Originating in Pilot Mound, Manitoba in 2005, Farmers Edge is active in five countries: Canada, U.S., Brazil, Russia and Australia. The board awarded Farmers Edge tax benefits via HQJ to construct a soil testing laboratory in Grimes to serve Farmers Edge U.S. operations. The project has a capital investment of $2.2 million and will create five new jobs.

Highway Equipment Company Establishing Operations In Cedar Rapids

Highway Equipment Company (HECO) was founded in 1939 and manufactures deicing spreaders and road maintenance equipment, along with agricultural equipment, such as crop nutrient applicators. HECO’s Hi-Way and New Leader brands serve growers and ag retailers as well as municipal customers and contractors across the country. HECO is proposing to build a facility in Cedar Rapids that will allow for testing of spread patterns year-round, allowing the company to expand the research and development capabilities. The project has a capital investment of $1.35 million.

Legacy Manufacturing Co. Plans Marion Expansion

Weems Industries, Inc., d/b/a Legacy Manufacturing Co., has been operating since 1986, offering a wide-range of professional grade service and maintenance equipment for automotive, industrial, contractor, agricultural and marine markets throughout North America. Legacy’s Flexzilla® branded hose products have opened up markets for the company in the lawn and garden and outdoor power categories. The company is proposing a 200,000-square-foot expansion of its current facility in Marion to allow for continued growth. The board awarded the project tax benefits via HQJ for this $12 million expansion that will create 13 jobs.

Relocating or Expanding Your Business In Iowa

Considering Iowa for your company’s relocation or expansion project? Check out Business Facilities’ Iowa Incentives and Workforce Development Guide.

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