Williamsburg Manufacturing was one of three companies today to receive financial assistance from the Iowa Economic Development Authority. Photo submitted by Williamsburg Manufacturing
Iowa Economic Development has awarded more than $ 800,000 in financial assistance and tax credits to three businesses in eastern Iowa, one of which plans to create more than 500 jobs.
The board of directors today announced awards to Williamsburg Manufacturing, Transco Railway Products in Oelwein and Zero Zone Refrigeration LLC in Dyersville. In total, the projects represent nearly $ 48 million in capital investment, IEDA officials said.
According to board documents, Williamsburg Manufacturing has secured a forgivable loan of $ 250,000 and $ 330,000 in tax credits to purchase and install handling and welding robots, improve electrical and ventilation systems. its existing building and add staff to manage a production line.
The company manufactures high-strength aluminum and steel bumpers, aluminum radiator brackets, underbody and underbody reinforcements, frame and roof rails, and engine cradles. The auto parts supplier has secured a contract from an original equipment manufacturer for a rear subframe and needs to upgrade their existing installation. The estimated cost of the project is $ 46 million, according to the documents.
Williamsburg Manufacturing will also receive additional funding of $ 50,000 from the city of Williamsburg, according to documents.
The company plans to add 521 jobs, 58 of which will pay an eligible wage of $ 26.92 per hour.
The IEDA Board of Directors also granted $ 26,572 in tax credits to Transco Railways Products Inc., in Oelwein.
The company, an independent provider of freight car repair, modification and rebuilding services, plans to add a flare and degassing rack to its Oelwein facility, which is currently limited to tank car cleaning at general use. The upgrades will allow the company to clean and repair the high-pressure cars, according to documents.
The company plans to add 15 jobs, which will pay an eligible wage of $ 17.78 per hour.
Zero Zone Refrigeration has secured a forgivable loan of $ 200,000 and over $ 59,000 in tax credits for its project that will create 50 jobs, 34 of which will pay an eligible wage of $ 22.63 per hour.
The company manufactures glass door refrigerated display cases, coolers and commercial refrigeration systems for the retail industry. It also supplies refrigeration to the industrial market, including cold storage, food processing, pharmaceutical and biomedical facilities, and ice rinks.
Zero Zone plans to lease a specific building under construction in Dyersville to meet the growing demands of the business, making it the company’s premier location in Iowa. According to board documents, the 50,000 square foot building will be available for expansion and will be used to manufacture refrigerated rack systems for customers in North America. The project represents a capital investment of $ 800,000, IEDA officials said.
The IEDA Board of Directors also today announced awards to three startups.