Two Iowa firms, Geater Machining & Manufacturing Co. in Independence, and Quality Food Processors in Denison, plan major expansion projects with state Economic Development Authority incentives.
These awards will assist in the creation of 199 jobs and will result in over $24 million in new capital investment for the state, said officials from Iowa Economic Development Authority.
Quality Food Processors, a firm that produces bacon and cooked meats by processing on contract, will expand and upgrade its existing operations to house a new bacon cooking line in Denison, Iowa.
As an incentive, the board awarded QFP $1 million in direct financial assistance through the Economic Development Set-Aside program. This $21.7 million capital investment is expected to create 195 jobs.
In Independence, Iowa, Geater Machining & Manufacturing Co., a firm that services the aerospace, electronics and high-tech industries by offering secondary manufacturing processes, will expand its production capacity by purchasing machinery and equipment and upgrading its research and development activities. The company eliminates the need to send machined and fabricated parts to multiple vendors.
The board awarded the $2.5 million capital investment project tax benefits through the High Quality Jobs Program to create four jobs.