Hydrite® Receives State of Iowa Incentives for Waterloo Expansion
Hydrite®, an integrated manufacturer and supplier of chemicals and related services, is pleased to announce their plans to expand its Waterloo, IA facility with the help of tax benefits awarded through the Iowa Economic Development Authority (IEDA) High Quality Jobs tax credit program.
Hydrite’s plans include increased manufacturing and warehouse space, and the expansion of their transportation fleet. The project represents a $21 million capital investment over the next 3 years and is expected to create 20 jobs at a qualifying wage of $20 an hour. The expansion will bring the workforce total to 158 employees at the Waterloo location. The Waterloo site is Hydrite’s only location in Iowa and is the company’s largest facility.
The High Quality Jobs (HQJ) program provides qualifying businesses assistance to off-set some of the costs incurred to locate, expand or modernize an Iowa facility (www.iowaeda.com/grow/high-quality-jobs/). Grow Cedar Valley worked with Hydrite to make application to the Iowa Economic Development Authority (IEDA) Board for the High Quality Jobs tax credit program. The IEDA board announced award of the tax benefits on February 18, 2022. Additional incentives came from the city of Waterloo; and Hawkeye Community College in Waterloo, IA will provide job training.
“Hydrite has found success in Waterloo completing multiple expansions at their location over the years, most recently in 2017,” says Noel Anderson, Community Planning and Development Director at City of Waterloo. “We are especially pleased to bring these additional good paying jobs to Waterloo.”
Kevin Honkamp, President of Hydrite, commented, “We understand the foundation of a great workplace relies on building blocks that are fundamental in company culture. Our core values and expectations focus around Integrity, Innovation, Quality, People, and Responsible Growth. We see these key attributes not only in our culture at Hydrite but throughout the people in the state of Iowa. We appreciate the long-term partnership and look forward to contributing to the community in the future.”
As a company with a strong commitment to their customers and employees, Hydrite continues to invest in people, training, research, technology, and sustainability to offer products and systems that help deliver and provide creative solutions.