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Cargill to Pay Diamond V's Tax Credits in Iowa

Company failed to meet required number of hires at its Cedar Rapids facility

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Cargill will repay the state of Iowa after failing to hire as many employees for a Cedar Rapids plant as required under a $2 million tax credit deal, reports the Des Moines Register.

The Iowa Economic Development Authority board received a report at its Friday meeting that the company did not plan to add the 16 workers required at the plant of one of its subsidiaries, Diamond V.

The board approved the tax credits in 2016 as Diamond V announced it would expand the factory, where it makes animal feed, by 100,000 square feet. The company completed the project and held a ribbon-cutting ceremony in January 2020.

As of last week, the company was 13 employees short and Diamond V Global Managing Director Mike Johnson told the economic development authority board in a May 12 letter that the company would not meet its goal, citing "ongoing global impacts ... from a variety of sources."

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