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DES MOINES, Iowa (AP) — The state of Iowa's decision to grant state tax credits for a major modernization project at the John Deere Foundry in Waterloo is saving nearly 300 jobs at the company.

According to documents Deere & Co. filed with the Iowa Department of Economic Development, the tax credits is allowing the company to retain 60 salaried positions and 235 hourly jobs in Waterloo.

Deere is investing $90 million to modernize the foundry and the economic development board's approval means the company will receive $15 million in tax credits and indirect financing from the state.

The Moline, Ill.-based Deere is the world's largest maker of agricultural equipment.

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