Monticello Iowa News - Economic Development Board Announces Action to Generate Jobs

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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.