(From Radio Iowa) Businesses in Clinton and Waverly are getting state economic incentives on the promise of creating 58 jobs.
Iowa Economic Development Authority spokesperson Kanan Kappleman says ADM plans to expand operations in Clinton. “They plan to convert an underutilized facility at its Clinton complex into precision fermentation facility, and it’ll expand the site’s ability to produce additional high-value bio-based products,” Kappleman says.
She says they’re planning to invest more than 55 million dollars into the expansion. “The IEDA board approved and awarded $2.23 million in tax benefits through the Business Incentives for Growth program,” she says. The ADM expansion is expected to create 53 new jobs.
The other funding went to the CNC machining company’s Waverly operation. The Indiana-based CNC merged in July with the company in Waverly that had been know as GMT. “The company plans to install new manufacturing equipment to increase production capacity and support growth. The project represents a $1.7 million capital investment, and it’s expected to create 45 jobs,” she says.
They received around $60,000 in state tax incentives.
