Board approves $86 million in grants for job creation, expansion projects at 4 Iowa companies

IndustrialsAssociated Press

Nearly $86 million has been awarded to four companies to support job creation and expansion projects in the state, the Iowa Economic Development Authority announced Friday.

The grants will aid projects in Davenport, Ames, Charles City and Burlington, the board said. Innovation funding was also approved for three startups in Des Moines, Coralville and Clinton. The awards are meant to help create 96 jobs and spur statewide economic growth.

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Board director Debi Durham said providing both financial assistance and tax benefits to these companies aids the increase and improvement of opportunities for Iowans.

Companies receiving funding include:

— Alter Trading Corporation, a metal recycling company in Davenport: Construction of a new facility near the company's existing plant is expected to create 13 jobs.

— Barilla, an Italian-based company located in Ames: Two additional production lines, raw material storage and more are planned for the existing facility, a project expected to create 23 jobs.

— Cambrex Charles City, Inc., a pharmaceutical manufacturer in Charles City: An estimated 32 jobs will be created as the company looks to increase manufacturing capacity with a new facility.

— Federal Mogul Ignition, a spark plug manufacturing plant in Burlington: The company is set to create 28 jobs as it expands capacity to integrate product packaging and installs necessary equipment.