116 3rd St SE
Cedar Rapids, Iowa 52401
Lesaffre gets state aid for expansion
A $51.3 million expansion of a French company's operations in southwest Cedar Rapids has been awarded state financial assistance and tax incentives.
Lesaffre Group, a global provider of yeast, yeast extracts and other fermentation-related products, was approved by the Iowa Economic Development Authority Board for a $25,000 forgivable loan and tax credits from the state's High Quality Jobs Program.
Lesaffre Yeast Corp., Red Star Yeast Co. and Bio Springer North America are subsidiaries of Lesaffre Group. Red Star Yeast is a joint venture with Archer Daniels Midland, with a corn processing plant in southwest Cedar Rapids that produces high fructose corn syrup and ethanol.
Lesaffre Group plans to construct new locations in Cedar Rapids and install additional manufacturing machinery and equipment for various products and applications. The projects are expected to create 30 jobs, eight of which will have a qualifying wage of $23.45 per hour.
The Cedar Rapids City Council sponsored Lesaffre's application to the Iowa Economic Development Authority for financial assistance.
The Cedar Rapids Metro Economic Alliance assisted in preparation of the IEDA application.
The projects could begin later this year, pending a final decision by Lesaffre.
Gov. Tom Vilsack (right), talks with William Tesch (left), Vice President of Operation for Lesaffre Yeast Corporation, and Didier Damien (center), Engineering Dept. Project Manager for Lesaffre International, Wednesday, April 1, 2004, at the new site of the Red Star Yeast plant in Cedar Rapids. Vilsack delivered a speech on the state of industrial production in Iowa at the site of the new plant.
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