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A Wisconsin manufacturer of high-end kitchen appliances plans to establish a new production facility in neighboring Iowa, state officials announced.
The Iowa Economic Development Authority said that Sub-Zero Group intends to invest more than $140 million to build a 400,000-square-foot plant in Cedar Rapids. The factory would create 192 jobs; 127 of those positions would be paid at or above the qualifying wage of $24.20 per hour.
Sub-Zero, based in Madison, Wisconsin, makes its flagship brand of refrigeration products as well as Wolf cooking appliances and Cove dishwashers. The Cedar Rapids plant would bolster the company’s overall manufacturing capacity; it currently operates factories in Fitchburg, Wisconsin, and Goodyear, Arizona.
State officials approved an incentive package worth $3.7 million to support the project, the Des Moines Register reports, including $2.6 million in tax credits and a $1.1 million forgivable loan. The state will forgive the loan provided Sub-Zero meets its hiring and investment goals within seven years. The city, meanwhile, also slash 75% of the company’s property tax bill over 20 years, which would reportedly amount to more than $30 million.
The project is expected to begin in mid-to-late 2023.
Image Credit: Serghei Starus / Shutterstock.com
