July 16, 2021 (DES MOINES, IA) – Today, the Iowa Economic Development Authority (IEDA) Board approved awards for five established companies, which will assist in the creation of 407 jobs and result in nearly $132 million in new capital investment for the state. These projects are located in Fort Dodge, Knoxville, Nevada, Pella and Shenandoah. The board also approved innovation funding in support of two startups located in Des Moines and DeWitt.
Headquartered in Knoxville, Weiler Inc. manufactures asphalt paving equipment. The company plans to improve existing infrastructure and increase its current footprint with the construction of a plate processing facility, which is currently outsourced. The project represents a capital investment of nearly $23 million and was awarded a $1 million in direct financial assistance as well as tax benefits through the HQJ program. It is expected to create 101 jobs, of which 72 are incented at a qualifying wage of $22.63.
Family owned and led, Vermeer Corporation manufactures agricultural and industrial equipment with customers in more than 80 countries. The products range from horizontal directional drills and mast pile drivers to agriculture mowers, rakes and balers. The company plans to construct a new parts distribution facility on its Pella campus and repurpose a facility for product and field training. The project is expected to create 100 jobs, of which 75 are incented at a qualifying wage of $22.62. It represents a capital investment of nearly $44 million and was awarded tax benefits through the HQJ program.
Pella Corporation designs, tests, manufactures, and installs quality windows and doors for new construction, remodeling and replacement applications for home and commercial markets. The company plans to consolidate the manufacturing of their popular wood window line to their Shenandoah location, which will require the purchase and installation of equipment. The board awarded this $5.6 million capital investment project a $200,000 forgivable loan through the HQJ program. It is expected to create 120 jobs incented at a qualifying wage of $20.58 per hour.
Award recommendations for these funds are made by the Technology Commercialization Committee to the IEDA Board for approval.