P {margin-top:0;margin-bottom:0;} FOR IMMEDIATE RELEASE: Friday, July 21, 2023 ?
CONTACT: Kollin Crompton, (515) 745-2840,?
[email protected]?
DES MOINES ??RILCO, Inc., based in Rock Island, IL and M.H. Eby, Inc., a legacy Iowa manufacturer, were among the company investment announcements made today at the monthly Iowa Economic Development Authority (IEDA) board meeting. Combined, these projects represent a total?capital investment of more than $25 million and are expected to create a total of 201 jobs in the communities of Eldridge and Story City respectively.?
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??The investments announced today are a testament that Iowa is a place of opportunity and economic vitality,? said Gov. Kim Reynolds. ?From being recognized as the nation?s most fiscally responsible state to the historic tax reform passed by our legislature, we have built a strong foundation where businesses in Iowa can thrive and prosper. I welcome RILCO to the state, congratulate both companies for their significant expansion plans and wish them continued success as they work to broaden and diversify Iowa?s robust manufacturing sector.????
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RILCO, Inc. is a large lubricant distributor and industrial service provider and has also developed its own proprietary brands of lubricants, antifreeze and greases under the Tec-Guard and Tec-Kool brands. Its products are sold and distributed to industrial, agricultural, construction and retail customers. The company, which already has a distribution center in Pella and locations in the Quad Cities, plans to relocate its corporate headquarters from Illinois to Eldridge. The project involves a 58,000-square-foot expansion and improvement to an available building in the Iowa community. An estimated 81 jobs?are expected to be created by the?more than $10?million?total capital investment.??
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Founded in 1938, M.H. Eby, Inc. has evolved over the years into an industry-leading manufacturer of aluminum truck bodies and livestock haulers. With a previous expansion, they added manufacturing capabilities for livestock and semi-trailers. The company plans to expand their Story City facility by an additional 100,000 square feet to support the growth of its business. This $15.4 million capital investment is expected to create 120 jobs.?
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?Economic development incentive packages approved by the IEDA board today helped ensure these projects would take place in Iowa. RILCO was awarded $135,000 in tax credit benefits and M.H. Eby was awarded $800,000 in tax credit benefits through the High Quality Jobs (HQJ) Program [ [link removed] ]. The HQJ assistance hinges on performance, and the company will receive these benefits when contract obligations have been met.??
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