Tyson Fresh Meats plans to expand in Waterloo after receiving access to $2.4 million in state incentives Friday.
The Tyson Foods subsidiary operates a pork processing plant in the city with about 2,900 employees. The expansion will include hiring an additional 245, according to state documents.
Tyson will construct a 56,400-square-foot warehouse and renovate another 18,250 square feet at the plant. In total, the expansion is expected to cost more than $28.2 million.
The Iowa Economic Development Authority Board approved providing Tyson with $2 million in investment tax credits and $396,535 in a sales, service and use tax refund. All the new jobs will have to pay at least $17.29 an hour for Tyson to be eligible for the state tax credits and refunds.
Springdale, Ark.-based Tyson has seven plants in Iowa, including ones in Independence, Louisa County and Storm Lake. Earlier this year, the authority board approved giving Tyson more than $1 million in tax credits for a $51 million expansion at its Council Bluffs plant.
Overall, state records show the economic development agency has awarded Tyson more than $8 million in tax credits and loans since 2009 for expansions at its Iowa plants.
A company in Marion also plans to expand and was awarded state incentives Friday.
Marion Process Solutions, a maker of customer mixers that employs 52 people, will construct a new 5,600-square-foot testing building next to its current manufacturing plant. The company expects to spend more than $1.6 million on the project and add three employees. Those three new jobs have to pay at least $24.91 an hour.
ARTICLE CONTINUES BELOW ADVERTISEMENT
In other action, the Iowa Economic Development Authority Board awarded Marion Process Solutions $67,400 in tax credits and refunds. The city of Marion is expected to provide a tax rebate valued at $51,526.
An Iowa City start-up, FarrPro, was awarded a $25,000 loan to further develop a brood heater to help with piglet growth.
l Comments: (319) 398-8366; firstname.lastname@example.org