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Economic Development Board Announces Action to Generate Jobs
Posted 24 January, 2012
The
Iowa Economic Development Authority board awarded financial assistance
to three companies for job creation and expansion projects. These
awards will assist in the creation of 55 new jobs, retention of 36 jobs
and will account for $5 million of new capital investment to the
state.
"This is an exemplary representation of the
statewide business expansion and investment that is taking place in
communities throughout Iowa," said Governor Terry Branstad. "I am
encouraged by the economic activity and new job opportunities announced
today. We must continue to build upon these successes to
support economic growth in the state."
The board approved assistance for planned or proposed projects located in Peosta, Iowa Falls and Des Moines.
"The
combination of our strong agricultural, biosciences, manufacturing,
information technology and financial sectors has placed Iowa in a
better position than most states for economic growth," said Debi
Durham, director of the Iowa Economic Development Authority.
"Companies receiving awards today have all announced expansions that
are a direct result of our diverse economy."
Peosta manufacturer receives award
The
board awarded $168,000 in direct financial assistance and tax benefits
through the High Quality Jobs Program to Camoplast Rockland's plant in
Peosta. The company designs, develops and
manufactures specialized components, sub-systems and assemblies for
original equipment manufacturers (OEMs) and makes rubber, composite,
plastic, and snowmobile garments. The proposed project will allow the
company to move to a larger building and purchase new equipment.
The $2.4 million capital investment is expected to create 23 new jobs
and retain 32 jobs.
Metal Tech Industries, Inc. plans to double manufacturing capacity
Metal
Tech Industries, Inc. was awarded direct assistance of $45,000 and tax
benefits through the Enterprise Zone program. The company,
founded in 1994, is a privately held, technology-based company located
in Iowa Falls and specializes in the manufacture and distribution of
metal reinforced gasket materials. The company proposes to expand
its Iowa Falls facility by adding additional manufacturing space,
equipment and product testing. The expansion will also include an
upgrade to its present quality system and provide employee
training. The $2.4 million capital investment is expected to
create nine new jobs of which four will be incented and retain four
jobs.
Cedar Falls Web strategy company expanding operations
Tactical
8 Technologies LLC (d/b/a T8 Webware), a financial Web strategy and
personalized services firm, was awarded $120,000 in direct assistance
to expand into the Des Moines marketplace. The company, based out
of Cedar Falls, is a provider of custom mobile applications,
personalized payment card services and websites to financial
institutions. The project is expected to create 23 new jobs, 20
of which will be incented.
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