Economic development funds help IA companies expand - KWWL - Eastern Iowa Breaking News, Weather, Closings

Economic development funds help IA companies expand

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DES MOINES (KWWL)--  More than 300 new jobs are planned for Iowa by eight companies that received awards from the Iowa Department of Economic Development.  Awards approved by the Iowa Economic Development Board will go to projects in Cedar Rapids, Nevada, Oskaloosa, Des Moines, Fairfield, Newton and Ames.

"Today's news is more evidence that Iowa's economy has turned the corner for the better," Governor Chet Culver said. "The Iowa Department of Economic Development continues to play a crucial role in facilitating the necessary collaboration between private industry and state, regional and local resources for continued job creation and business growth in Iowa."

The awards include the following:

Nevada cellulosic ethanol plant proposed

The board awarded $5 million in direct financial assistance from the value added agriculture component to DuPont Danisco Cellulosic Ethanol for a proposed cellulosic ethanol biorefinery in Nevada. The award would support the creation of 65 jobs and the retention of two jobs. Initially, the facility is expected to produce 25 to 50 million gallons of cellulosic ethanol each year.

Insurance broker gets award to add Newton jobs

The board approved $450,000 in direct assistance to Marsh Inc. (subsidiary of Seabury & Smith), for an expansion that adds 150 new employees in Newton.  The company is the world's largest insurance broker and risk adviser, serving clients in more than 100 countries. A subsidiary, Marsh U.S. Consumer, has Iowa facilities in Urbandale, Des Moines and Newton with approximately 1,200 employees.  The project represents a $1.3 million capital investment.

Kemin plans expansion in Des Moines

The board awarded $1 million in direct financial assistance to nutritional food and feed ingredient manufacturer Kemin Industries for an expansion of its Des Moines operations.  The company plans a $29.6 million capital investment that includes a new worldwide headquarters office, six manufacturing buildings, research and development buildings, and greenhouses.  A total of 98  jobs are expected to be created, 58 of which are supported by state incentives.

Cedar Rapids manufacturer to expand

The board awarded $500,000 in direct financial assistance to Genencor, a division of Danisco A/S, to expand its Cedar Rapids operations.  The company plans a $37.9 million capital investment that includes two building additions, adding and updating machinery, equipment and infrastructure to increase production capacity for new product demand.  The project is expected to create 13 new jobs and support 25 current positions.

Cedar Rapids software developer wins award

The board awarded a $250,000 royalty agreement to software developer Fastek International for its Electrical Power Management System.  This $100,000 capital investment will support the creation of 11 new jobs.  The company has identified a business opportunity in the U.S. military and security forces' need for an "on-board universal power source" on government vehicles.  

Eggshell processing firm plans facility in Oskaloosa

The board approved $150,000 in direct financial assistance to General Environmental Companies to open a facility in Oskaloosa that processes cracked eggshells.  The award will support the creation of 11 new jobs.  Plans call for the company to lease a building and obtain a single-pass cyclone turbine technology system to process the eggshells.

Company plans Fairfield operations

The board approved $50,000 in direct financial assistance to Maharishi Ayurveda Products International to relocate its Colorado warehouse, distribution and management operations to Fairfield.  A total of 19 jobs will be created or retained, nine of which will be supported by this award.  The project includes retrofitting an existing building and represents a $1.5 million capital investment.  

Ames startup technology firm advanced vaccine development technology

PathoVacs, Inc., a startup technology firm located in Ames, was approved for $75,000 of support from the Iowa Demonstration Fund.  PathoVacs is based on a vaccine development technology referred to as PELS (Proteomics-based Expression Library Screening).

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