East Penn to build new plant in Oelwein

 

OELWEIN – East Penn Manufacturing Co. is building a new $70 million facility and bringing 350 state-incented jobs to Oelwein, a city of about 6,400 residents about 35 miles northeast of Waterloo. Officials finalized details on the plant and held a formal announcement Tuesday evening in Oelwein. In August, the Iowa Economic Development Authority authorized a financial package totaling about $3.1 million in tax credits, plus 1.75 million in direct financial assistance – half by interest-free loan and the other, with a forgivable loan. The company’s capital investment is just over $64 million, according to documents the IEDA provided.

Waterloo Cedar Falls Courier

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