The largest expansion project in IOWA has been put on hold due to the huge construction costs.
The expansion of the Iowa Premium beef processing factory in Tama County could now be delayed by as much as two years.
Tama’s expansion was planned to add 396 full-time jobs to its present workforce of 769 full-time employees, bringing a significant economic boost to the area.
Toledo Mayor Brian Sokol, speaking at a Tama-Toledo Chamber of Commerce conference on Thursday, said work may now be delayed by six months to two years.
While the development is on hold, funds for the expansion are apparently being shifted into restoring and improving present plant facilities.
Sokol added: “This is a big blow to the community.”
With the large rise in jobs that the expansion was projected to bring, new housing construction was planned to follow in order to keep up with the growth in workers, which is also likely to stop now
Representatives from Tama County’s largest employer, Iowa Premium declined to comment.
WHAT IS IOWA PREMIUM?
Iowa Premium is a food production company that provides beef processing and packaging services.
Where it is headquartered? The company is headquartered in Tama, Iowa.
How many staff does it have? It currently has around 850 employees.
What is its annual revenue? The annual revenue is around $153 Million.
Source: Times Republican