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DES MOINES, IOWA (AP) -- Eleven business projects in Iowa are for some state financial help.
Economic development officials approved state loans valued at $155 million for the projects for companies promising to create over 600 jobs.
Among the companies to receive state assistance is Minnesota-based Hormel Foods, which is planning a $91 million plant in Dubuque to make microwavable meals. Nearly 200 news jobs will be created.
Another project is John Deere Credit in Johnston. The company, which is getting tax benefits, is investing $31 million in a new world headquarters. It will create about 90 jobs.
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Other projects receiving state assistance are:
-Oelwein, Sector 5 Technologies Inc. New company spending $3 million to establish corporate headquarters and manufacturing plant to build components for wind turbines. 99 jobs. $297,000 loan, tax benefits.
-Burlington, Federal-Mogul Corp. Existing company installing new technology in a $7 million upgrade to make a newly developed Champion spark plug. No new jobs, 300 current jobs retained, about half paying $18.18 an hour. $500,000 loan and tax benefits.
-Johnston, John Deere Risk Protection Inc. Crop insurance company will expand into space in the new John Deere Credit Services corporate project. 25 jobs. Tax benefits.
-Knoxville, Verista Imaging Inc. Relocation of a medical imaging devices company. 55 jobs over three years. $216,000 loan and tax benefits.
-West Des Moines, TNE Holdings. Insurance broker and wholesaler is relocating to a new building. 45 jobs. $185,000 loan and tax benefits.
-Davenport, Horizon Group Inc. Manufacturer of wood cabinets and other casework for commercial and public buildings to build $1 million, 12,000-square-foot building for expansion. 11 jobs. $350,000 temporary loan, tax benefits.
-Cedar Rapids, Hamlet Protein Inc. Danish bioprocessing company proposing to build a $17 million, 30,000- square-foot plant and warehouse to produce animal nutrition products. 29 jobs. $75,000 loan, tax benefits.
-Steamboat Rock, Naturally Recycled Proteins. Considering $5 million, 27,000-square-foot plant to process chickens into pet food. 15 jobs. Tax benefits.
-Strawberry Point, Development Resources of Iowa Inc. Manufacturer of livestock curtains to expand factory. 13 jobs. $60,000 loan, tax benefits.
(Copyright ©2008 by The Associated Press. All Rights Reserved.)
