A puffed-grains mill firm in Dyersville is planning a $26.5 million relocation and expansion that will double its current staff.
The Iowa Economic Development Authority (IEDA) board granted Ancient Brands Milling tax advantages for the project on Friday, May 20.
The company aims to replace its present Dyersville location with a 92,000-square-foot structure.
As per IEDA documents, the move will make room for new cereal manufacturing equipment and increase the company’s capacity from 2.5 million pounds to 30 million pounds of puffed product per year.
Ancient Brands Milling President Patrick Hemminger said: “This high-impact expansion project is really going to empower Ancient Brands to continue serving our team members, our clients and our community,”
The project will cost $26.5 million in capital and is expected to create at least 17 jobs over the next three years at a qualifying wage of $22.63 per hour.
Ancient Brands Milling purchased assets from Anderson Inc., which leased a building in Dyersville’s Northwest Industrial Park, in 2020.
Ancient Brands Milling will relocate to the city’s 20 West Industrial Center along US Highway 20 as part of the present redevelopment.
Ancient Brands Milling currently manufactures organic and non-GMO puffed grains that are gluten-free and allergen-free, in addition to co-manufacturing products such as cereal, granola, energy bars and plant-based alternatives for products such as milk and ice creams.
The new facility will increase the company’s production capacity for those ingredients and also will add a second production line for puffed wheat and grains that contain gluten.
Hemminger said Ancient Brands Milling is “sticking to a realistic time frame” for the project, which will involve not only the construction but also the delivery of equipment from Europe. He said the company hopes to begin recruiting employees during the first quarter of 2023 and to open the new facility around April.
IEDA awarded Ancient Brands Milling $769,093 in tax credits and refunds for the project. Additionally, IEDA documents say the City of Dyersville will provide the business with a 10-year, 80 percent tax increment financing rebate with an estimated value of $2 million.
Dyersville Economic Development Corp executive director Jacque Rahe collaborated with local and corporate officials on the state funding application.
She said now that the state incentives have been acquired, the city will begin the “public process” for TIF funding approval.
Rahe praised Ancient Brands Milling’s investment in the project, which she said will increase awareness of the company’s strong position in the Dyersville economy.
What is Ancient Brands Milling?
It is a leading provider of puffed rice, ancient grains and heritage grains to a number of North America’s most recognized food processors and brands.
Where is it based? The company has its headquarters in Colorado
How many staff does it have? It currently has 32 employees.
What is its annual revenue? The annual revenue of the firm is $6 Million