DES MOINES, Iowa — The Iowa Spring Manufacturing and Sales Co. in Adel learned this week it was one of three companies statewide awarded state tax credits in the Iowa Economic Development Authority (IEDA) High Quality Jobs (HQJ) program for 2019.
Iowa Spring Manufacturing and Sales Co. makes round wire, coiled steel springs for agricultural, garage door, material handling and railcar purposes. Based at 2112 Greene St. in Adel, the company employs about 90 workers and has annual revenues of about $20 million. The average HQJ wage is $30.77 an hour.
The IEDA tax credits will result in about $3.1 million in new capital investment by the 40-year-old factory, including construction of a 12,000-square-foot addition that will enable the company to modernize its garage door torsion production process from the current batch system to an in-line system.
The IEDA board also approved awards for a telecommunications maker in Cedar Rapids and a metal fabricator in Harrison County, which in total will help create about 32 jobs and generate more than $12.2 million in new capital investment for the state.
