A global manufacturer and family-owned business is expanding its footprint near the Boone and Story County line, bolstered by a significant tax incentive and a promise to supply nearly 30 high-paying jobs.
Waverly-based United Equipment Accessories, Inc. (UEA) recently announced plans to purchase a 36,000 square foot facility along Highway 30 in rural Boone County. The company will make significant improvements to the building, resulting in a total investment of $4 million.
UEA is currently operating in Waverly, and its additional location in Boone County will support future growth.
“This strategic purchase is a key component of our growth strategy, aimed at enhancing our manufacturing capabilities and supporting future acquisitions,” Scott Schmitt, marketing specialist for UEA, said.
The central project is expected to create 25 jobs, 10 of which will be incentivized at a qualifying wage of $32.47 per hour.
Company receives substantial loan from the state
The Iowa Economic Development Authority (IEDA) has awarded UEA with a $95,000 forgivable loan and tax benefits through the High Quality Jobs (HQJ) program. The program exists to offset some of the costs incurred to locate, expand or modernize an Iowa facility.
IEDA offers the program to promote business growth. The grant is based on the level of need, quality of the jobs, the percentage of created or retained jobs defined as high-quality, and the project’s economic impact.
What is United Equipment Accessories?
UEA has been a family-owned company since its founding in 1952. The company’s original product, a remote-control kit for operating truck-mounted cranes or excavators from the rear operator cab, included a key component known as a slip ring. Today, UEA is recognized as one of the largest manufacturers of slip rings in the world.
The company also manufactures rotary unions, hose and cable reels and other precision components.
UEA’s Waverly operations will continue to focus on growing its existing product lines, including slip rings and rotary unions, Schmitt said. The new Boone County facility will become a “state-of-the-art manufacturing space,” positioning UEA for new and innovative products.
“We are thrilled to welcome United Equipment Accessories, Inc. to the Ames region,” Dan Culhane, president and chief executive officer of the Ames Regional Economic Alliance, said in a press release. “Their expansion highlights the strength of our region as a place where innovative companies can grow and thrive. We look forward to their continued success.”
Editor’s note: This article has been updated to correct a misspelling.
Celia Brocker is a government, crime, political and education reporter for the Ames Tribune. She can be reached at CBrocker@gannett.com.
This article originally appeared on Ames Tribune: An Iowa slip ring manufacturer eyes Boone County expansion, will offer 25 high-paying jobs
Reporting by Celia Brocker, Ames Tribune / Ames Tribune
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