Hormel Foods Corporation plans to nearly double the size of its Nevada, Iowa, plant and create about 210 new jobs, of which 52 are incented at a qualifying hourly wage of $24.95, according to Iowa Economic Development Authority (IEDA) Board documents.
Burke Marketing Corp., a subsidiary of Hormel, will add 200,000 sq. ft. to its current 225,000-sq.-ft. facility. In its proposal, Hormel estimated that it would invest approximately $150 million with $100 million to be spent on construction and $50 million on plant equipment.
Burke manufactures pizza toppings and other fully cooked meat products. IEDA awarded High Quality Jobs program tax benefits to Burke. According to The Des Moines Register, Hormel was given $10.5 million in incentives, including investment tax credits of $7.5 million, tax refunds of $3 million, and research activities tax credits of $12,000.