The company, Sector 5 Technologies Inc., plans to buy the former Donaldson factory that made metal air cleaners until closing in May of 1999. The 161,000-square-foot facility will become the headquarters and production facility for Sector 5. An incentive agreement approved Thursday by the Iowa Department of Economic Development Board indicates Sector 5 will create 99 jobs and invest $3 million. The jobs will pay an average of $23.89 per hour.
The state awarded $297,000 from the Community Economic Betterment Account program to Sector 5. The company also will be eligible for benefits under the state's Enterprise Zone program.
Sector 5 was founded by Dale Feauto, former president of Modern Engineering & Piping in Cedar Rapids. The company's long term plans are to diversify into components for the biofuels, food and pharmaceuticals industry, according to the Iowa Department of Economic Development.
In other actions Thursday, the IDED board approved incentives:
--To help Hamlet Protein of Denmark build a $17 million plant and warehouse in Cedar Rapids to manufacture animal nutrition products. The plant will create 29 jobs at an average wage of $24.03 per hour. Incentives include $75,000 from the Value-Added Agricultural Products and Processes Financial Assistance Program and Enterprise Zone Benefits.
--To assist an expansion at Development Resources of Iowa's Strawberry Point facility to increase production of livestock curtains used to control the environments of livestock buildings. The expansion is expected to add 13 jobs at an average wage of $13.15 per hour. Incentives include $60,000 from the Economic Development Set-Aside program and Enterprise Zone tax benefits.
--For construction of a new Hormel Foods plant in Dubuque. Hormel, based in Austin, Minn., plans to build a $91 million plant to manufacture shelf-stable microwaveable meals. The incentives include High Quality Job Creation Program benefits for 21 of the plant's 196 jobs that pay an average wage of $28.57 per hour.
--To help Federal Mogul Corp. install equipment to produce a new Champion spark plug at its existing spark plug plant in Burlington. The $7 million investment would help retain 330 jobs, of which 162 would pay an average wage of $18.18 per hour. Incen tives include $500,000 from the Community Economic Betterment Account program and tax benefits from the Targeted Jobs Withholding Tax Credit program.
--To help John Deere Credit Services construct a new expansion facility at its headquarters in Johnston. The $31 million project will create 92 jobs at an average wage of $32.87 per hour, and also will create 23 jobs at an affiliated company, John Deere Risk Protection, with average wage of $27.09 per hour. Both companies were awarded incentives from the High Quality Jobs Creation Program.
Contact the writer: (319) 398-8317 or david.dewitte@ gazettecommunications.com
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