A state economic development board today gave TPI a green light to go ahead with a proposal to build a new blade manufacturing plant in Sioux City, with members saying they believed the wind-energy company would hit its job-creation promises in Newton. ...State documents show the company has until July 30 to create 504 jobs in Newton.
A state economic development board today gave TPI a green light to go ahead with a proposal to build a new blade manufacturing plant in Sioux City, with members saying they believed the wind-energy company would hit its job-creation promises in Newton. ...State documents show the company has until July 30 to create 504 jobs in Newton.
A state economic development board today gave TPI a green light to go ahead with a proposal to build a new blade manufacturing plant in Sioux City, with members saying they believed the wind-energy company would hit its job-creation promises in Newton.
The Iowa Economic Development Board today agreed to give Sioux City a $2.5 million forgivable loan to improve a road running along the proposed 40-acre TPI site.
Arizona-based TPI Composites says the proposed $38.6 million project would employ 500 workers.
The ability of TPI to create the jobs pledged to the state came into question Wednesday, when the company said it was cutting its Newton workforce to 233 workers. The company did not disclose how many workers were getting laid off.
... more [truncated due to possible copyright]A state economic development board today gave TPI a green light to go ahead with a proposal to build a new blade manufacturing plant in Sioux City, with members saying they believed the wind-energy company would hit its job-creation promises in Newton.
The Iowa Economic Development Board today agreed to give Sioux City a $2.5 million forgivable loan to improve a road running along the proposed 40-acre TPI site.
Arizona-based TPI Composites says the proposed $38.6 million project would employ 500 workers.
The ability of TPI to create the jobs pledged to the state came into question Wednesday, when the company said it was cutting its Newton workforce to 233 workers. The company did not disclose how many workers were getting laid off.
The company said it plans to "rehire and raise the work force to 400 by October and 500 by February."
State documents show the company has until July 30 to create 504 jobs in Newton. As of June 30, the company told the state it had created 286 jobs in Newton. The state provided $2 million in incentives for the Newton plant, which opened in 2008.
Board member Toby Shine said he believed the company would seek more time to hit its job-creation goals in Newton.
The state said new incentives to TPI would be contingent on the company meeting its job-creation goals in Newton.
The board approved providing TPI with as much as $480,240 in tax credits to TPI, still in negotiations with Sioux City and the state about pursuing the plant. TPI also seeks $2.23 million in job-training assistance.
Board member Robert Riley said TPI seeks another plant to supply wind blades to a new unnamed wind turbine manufacturer. TPI supplies blades to GE Energy from Newton. He said TPI is unable to make the new client's blades in Newton.
The TPI proposal calls Sioux City and Woodbury County to "construct and lease the facility back to the company," state documents show. The city and county would consider providing up to $17 million for the project.
In separate action, the board also approved tax incentives for a $111.5 million CNH Amercia project in Burlington that could create and retain nearly 450 jobs.
The project would bring new farm manufacturing to the plant that primarily makes construction equipment.