116 3rd St SE
Cedar Rapids, Iowa 52401
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Magna International’s subsidiary Williamsburg Manufacturing will create 521 jobs in Williamsburg by 2026 as part of a $46 million project that received a state tax credit Friday from the Iowa Economic Development Authority.
The project will allow Magna International, which makes automobile parts, to manufacture electric battery tray side panels, according to an IEDA document.
Fifty-eight of the 521 jobs to be created will be at or above $26.92 per hour, allowing the company to qualify for IEDA’s High Quality Jobs program.
IEDA awarded a $330,000 tax credit and a $250,000 forgivable loan to the company at its board meeting Friday.
The company will “purchase and install material handling and welding robots, improve the electrical and ventilation capabilities in the existing building and add staff to run the line,” according to the IEDA document.
Magna International’s deadline to create the 58 required jobs for the IEDA tax credit is 2026.
The company had 208 employees in Williamsburg as of Sept. 10.
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