CHARLES CITY — A Charles City pharmaceutical manufacturer is planning a major expansion that is expected to create more than 100 jobs and bring $150 million in new capital investment to the community.
Cambrex Charles City, Inc., (pictured at top) a subsidiary of New Jersey-based Cambrex Corporation, plans to construct a new 7,700-square-foot facility in Charles City. The project is intended to increase the company’s production capacity by 40%.
The Iowa Economic Development Authority Board approved $10,132,500 in tax credits for the project through the state’s Business Incentives for Growth program.
The expansion is expected to create 104 jobs, with the positions incented at a qualifying wage of $24.76 per hour.
The project is especially significant for Charles City and northern Iowa, where good-paying manufacturing and pharmaceutical jobs can provide strong opportunities for workers and families.
Cambrex manufactures active pharmaceutical ingredients and pharmaceutical intermediates for generic and branded human pharmaceutical markets. The company’s products are used in treatments for attention-deficit/hyperactivity disorder, smoking cessation, oncology, HIV, hepatitis, Crohn’s disease and other medical conditions.
Gov. Kim Reynolds said the BIG program is helping Iowa companies expand and create high-quality jobs.
“The BIG program is delivering exactly what it was designed to do — helping companies invest, expand and create high-quality jobs across the state,” Reynolds said.
The Cambrex project was one of five manufacturing projects approved for tax credits by the IEDA Board. Altogether, the projects are expected to support 521 jobs and nearly $400 million in new capital investment across Iowa.
Reynolds said the projects show confidence in Iowa’s workforce, business climate and long-term economic momentum.
“Iowa continues to prove that when government and industry work together, we can compete and win,” Reynolds said.