Newton and Waterloo Companies Honored for Economic Contributions
In a significant boost to the Iowa economy, two manufacturing companies in Newton and Waterloo have been recognized for their outstanding contributions. The Iowa Economic Development Authority Board recently approved awards for these companies, promising the creation of over 400 new jobs in the region.
Revitalizing Communities with Job Creation
TPI Composites, a wind blade manufacturer based in Newton, is one of the recipients of these prestigious awards. After ceasing production in 2021, the company is now gearing up to restart its manufacturing operations. Thanks to a $500,000 forgivable loan granted by the IEDA Board through the High-Quality Jobs program, TPI Composites will be able to upgrade its equipment and resume production. This ambitious project represents a $3.2 million capital investment and is expected to generate a staggering 320 new jobs in the area.
Kannan Kappleman, the spokesperson for IEDA, expressed her excitement about the positive impact this endeavor will have on the local economy. “The restart of the plant is a big shot in the arm for the community. The creation of 320 jobs will undoubtedly make a significant difference in the lives of many individuals in the community and beyond,” she stated.
Expanding Opportunities and Investing in Growth
Another deserving recipient of the state economic award is International Paper, a company specializing in fiber-based packaging products. International Paper has ambitious plans to build a new 900,000 square foot corrugated products manufacturing facility in Waterloo, Iowa. Through the allocation of tax credits, the company aims to establish a strong presence in the region and contribute to job creation efforts.
Kappleman highlighted the significance of this project, stating that it represents a substantial $260 million capital investment and is poised to create 90 new jobs with competitive wages. With each job paying at least $23 an hour, International Paper is not only investing in its growth but also in the prosperity of the local workforce.
Driving Economic Growth and Fostering Innovation
The recognition of TPI Composites and International Paper underscores the crucial role that manufacturing companies play in driving economic growth and job creation in Iowa. By investing in cutting-edge technology, upgrading equipment, and expanding their operations, these companies are paving the way for a brighter future for the state and its residents. The awards granted by the IEDA Board serve as a testament to the dedication and hard work of these companies in revitalizing local communities and fostering innovation in the manufacturing sector.
