The Iowa Economic Development Authority Board has approved awards for two manufacturing companies in Newton and Waterloo with the promise of more than 400 new jobs.

IEDA spokesperson Kannan Kappleman says wind blade manufacturer TPI Composites in Newton received one of the awards.”The company is looking to restart manufacturing operations after they ceased production in 2021, and they were awarded at the IEDA board meeting a $500,000 forgivable loan through our High Quality Jobs program,” Kappleman says. The money will help them upgrade their equipment and restart production. “Their project represents a $3.2 million capital investment, and it’s expected to create 320 jobs,” she says.

Kappleman says the restart of the plant is a big shot in the arm for the local economy. “Great News to see the amount of jobs that are being created by this, this project, you know, 320, jobs definitely makes quite an impact for the community and, of course, the surrounding area,” she says.

International Paper, which creates material for fiber-based packaging products received the other award to build a new plant in northeast Iowa. “The company plans to acquire land and construct a 900,000 square foot corrugated products manufacturing facility in Waterloo,” Kappleman says. The company is receiving tax credits.
“The project represents a $260 million- capital investment, and it’s expected to create 90 jobs,” she says,” Kappleman says. The jobs will pay at least 23 dollars an hour.

The company has a container plant in Cedar Rapids and a recycling plant in Des Moines.

 

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