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Last week, the Iowa Economic Development Authority (IEDA) approved tax credits for six manufacturing companies, which could create 346 new jobs in the state and attract nearly $246.5 million in new capital investment.
The IEDA also approved assistance for a unique materials startup.
The Six Manufacturing Projects:
- Summit Products, Altoona: Infonet Corp, doing business as Summit Products, Inc., manufactures metal-fabricated products for OEMs and the aftermarket, including UTV accessories, truck toppers, recreational vehicle components and motorized vehicle windows.
- Scope: The company plans to expand its existing facility by 30,080 square feet and add new manufacturing equipment, including robotics, automation, a laser work center and metal panel bending equipment.
- Investment/Jobs: The $5.73 million capital investment is expected to create 21 jobs, with three incented at a qualifying wage of $35.11 per hour.
- Aid: The board awarded $193,000 in tax credits through the Business Incentives for Growth (BIG) program.
- Accu-Mold, Ankeny: Accu-Mold makes precision micro injection molded components for medical device, electronics and fiber optics companies.
- Scope: The company plans to construct a 53,000-square-foot addition to increase production capacity, with additional space for a quality lab, tool maintenance equipment and offices to support employee growth.
- Investment/Jobs: The $33.25 million capital investment is expected to create 150 jobs, with 20 incented at a qualifying wage of $34.53 per hour.
- Aid: The board awarded $1.08 million in tax credits.
- Pratt Industries, Bondurant: Pratt (4.0 Corrugating), a subsidiary of Pratt Corrugated Holdings, is part of Atlanta-based Pratt Industries, Inc., one of the largest privately held paper and packaging companies in the U.S.
- Scope: The company's first Iowa manufacturing facility will produce corrugated packaging and other corrugated products.
- Investment/Jobs: The project includes more than $80 million in manufacturing equipment and is expected to create 105 jobs, with 20 incented at a qualifying wage of $35.11 per hour. The $97.6 million capital investment is also expected to increase the company's use of Iowa suppliers.
- Aid: The board awarded $1.8 million in tax credits through the BIG program.
- Amcor, Centerville: Amcor Flexibles North America manufactures flexible packaging, including pouches, films, bags, sachets and wraps — for the food, beverage, health care, pharmaceutical, personal care, home care and pet care industries.
- Scope: With its Centerville facility fully utilized, the company plans to add new machinery and equipment to increase production capacity for advanced, multilayer packaging films.
- Investment/Jobs: The $44.55 million capital investment is expected to create 24 jobs, with 20 incented at a qualifying wage of $22.32 per hour.
- Aid: The board awarded $2 million in tax credits.
- Infiltrator Water Technologies, Davenport: Infiltrator Water Technologies, part of Advanced Drainage Systems, makes products for decentralized wastewater treatment, including environmentally friendly alternatives to traditional concrete septic tanks and stone-and-pipe leach fields.
- Scope: The company plans to expand manufacturing operations into an existing 84,000-square-foot Davenport facility, with new production equipment and office space.
- Investment/Jobs: The $7.36 million capital investment is expected to create 26 jobs, with one incented at a qualifying wage of $28.46 per hour.
- Aid: The board awarded $134,964 in tax credits.
- Woodbine Manufacturing, Harrison County: Founded in Woodbine in 1965, the family-owned company designs and produces hydraulic liftgates and cargo-handling equipment for commercial vehicles under the Tommy Gate and Anteo brands.
- Scope: The company plans to construct a new manufacturing facility in Harrison County to increase production capacity, expand existing product lines and add new products.
- Investment/Jobs: The $58 million capital investment is expected to create 20 jobs, all incented at a qualifying wage of $27.75 per hour.
- Aid: The board awarded $2.18 million in tax credits.
The Startup:
- Saber Chemical, Ankeny: Saber is commercializing SABERFlex-1101, a bio-based polylactic acid alloy and resin. The material can be made from corn-derived sugars, is designed to be tougher and more durable than conventional bio-based plastics and could be used in 3D-printing filament and sports and golf products.
- Aid: A $50,000 Proof of Commercial Relevance loan will support product refinement, market analysis and commercialization activities, including prototype testing and customer feedback, as the company evaluates market opportunities and prepares for potential licensing, pilot projects and private financing.
