Quatro Composites have confirmed they have been awarded a $750,000 forgivable loan and a $750,000 loan from the Iowa Economic Department Authority (IEDA). The funding assistance will support a nearly $11.8 million expansion of its corporate and manufacturing facilities and the creation of 99 new jobs in Iowa within 36 months.
The new 40,000 ft expansion work is set to start in the Autumn, this will double the size of their current facility, and create advanced manufacturing positions in various departments. The new manufacturing space will increase current production capacities, while undertaking new business opportunities from additional commercial aerospace, unmanned aerial vehicles, and medical equipment manufacturers. Construction is expected to be completed in early 2013.
Steve Roesner, President and C.O.O. of Quatro said;
The State of Iowa has been a great resource for our continued growth in Orange City, we are honored to be selected as one of the recipients of funding support from IEDA.