Five companies that are planning expansion projects were awarded financial incentives today by the Iowa Economic Development Authority (IEDA) Board. The projects, combined, are expected to create 257 jobs and result in over $22 million in new capital investment.
IEDA spokesperson Tina Hoffman says the largest award, nearly $952,000 in tax credits, is going to Tyson Fresh Meats. The company is adding machinery to one of its plants in Council Bluffs. “It’s a 9.5 million dollar capital investment project that’s expected to create 139 jobs,” Hoffman says. The IEDA Board awarded Scranton Manufacturing, located in Greene County, a $250,000 loan for its expansion. “Scranton Manufacturing produces a variety of waste management trucks and trash compactors that they sell to both national and international markets,” Hoffman says. The project in Scranton is expected to create 70 jobs.
JEDA Polymers, which is headquartered in Naperville, Illinois, is getting state aid from Iowa for a plant being built in Dyersville. “The board awarded the company $120,000 in direct financial assistance, as well as tax benefits,” Hoffman says. “The capital investment for that project is $3.2 million and it’s expected to create 25 jobs.” The other projects awarded financial help are Freund-Vector Corporation in Marion and Gavilon Ingredients in Council Bluffs.
Here’s more on the awards:
* The Freund-Vector Corporation is based in Marion and manufactures and services a wide range of equipment for the processing of powders, particles, beads, pellets, tablets and other solid materials and forms to the pharmaceutical, nutritional, food, confectionery, chemical, powdered metals, automotive and pyrotechnics industries. The board awarded the company tax benefits for its plans to add additional assembly space to their existing facility. The $2.1 million capital investment is expected to create 12 jobs.
* Gavilon Ingredients, LLC is a wholly owned subsidiary of Gavilon Agricultural Holding Company. The company intends to construct an animal feed handling facility in Council Bluffs with attached storage and container loading terminal capabilities. The company was awarded tax benefits by the board for this $4.5 million capital investment that is set to create 11 jobs, nine of which are incented.
* JEDA Polymers, LLC headquartered in Naperville, IL, is a compounder of engineering thermoplastics with applications to the injection molding industry. The board awarded the company $120,000 in direct financial assistance as well as tax benefits for its plans to build a manufacturing facility in Dyersville’s new industrial park. The $3.2 million capital investment is expected to create 25 jobs, of which 21 are incented.
* Scranton Manufacturing, based in Scranton, primarily produces a variety of waste management trucks and trash compactors and sells to both a national and international market. The company is planning to expand its current facility to accommodate new market demand. This $2.5 million capital investment was awarded $250,000 in direct financial assistance through the federally funded Economic Development Set-Aside (EDSA) program. The project is set to create 70 jobs, of which 50 are incented.
* Tyson Fresh Meats, Inc., a wholly owned subsidiary of Tyson Foods, owns and operates a prepared food facility in Council Bluffs that produces beef and pork products. The company is planning to expand its operations by installing new equipment. This project was awarded tax benefits by the board for this $9.5 million capital investment that is set to create 139 jobs, of which 22 are incented.