State economic development officials today awarded help to six companies that are promising to create a combined 379 new jobs. The Iowa Economic Development Authority (IEDA) board approved $368,000 in direct financial assistance to both pharmaceutical manufacturer Cambrex in Charles City and Sedgwick Claims Management Services in Coralville.
Cambrex plans to increase its manufacturing capacity. The $17 million project is expected to create 46 new jobs in Charles City.
Sedwick’s project, meanwhile, represents a $4.5 million capital investment and is expected to create more than 200 jobs.
The other companies receiving financial awards or tax breaks for expansion projects are located in DeWitt, Grinnell, West Des Moines and Dubuque.
(From IEDA press release)
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.