Posted 20 May, 2025
The Iowa Economic Development Authority (IEDA) Board approved awards for two companies, which will assist in the creation of 60 jobs and result in $14.6 million in new capital investment for the state. These projects are located in Boone County and Fort Madison.
United Equipment Accessories, Inc. to expand to Boone County
United Equipment Accessories, Inc. (UEA) is a family-owned company and one of the largest global manufacturers of slip rings, rotary unions and hose/cable reels. The company is expanding its operations to Boone County to support future growth. UEA plans to purchase a 36,000-square-foot facility and make significant improvements. The project represents a capital investment of just over $4 million and is expected to create 25 jobs, of which 10 are incented at a qualifying wage of $32.47 per hour. The board awarded the company a $95,000 forgivable loan and tax benefits through the High Quality Jobs (HQJ) program.
Minnesota manufacturer to expand into Iowa
Virnig Manufacturing, Inc., headquartered in Minnesota, produces attachments for skid steers, compact tractors, compact wheel loaders, mini skid steers and mini excavators. The company plans to purchase a vacant facility in Fort Madison, make improvements and install new equipment. The project represents a capital investment of just over $10.6 million and was awarded tax benefits through the HQJ program. It is expected to create 35 jobs, of which 32 are incented at a qualifying wage of $21.64 per hour.