DES MOINES, Iowa (AP) — Iowa economic development officials have approved a package of tax breaks for Kraft Heinz, which is planning to build a new plant in Davenport as part of a restructuring that includes plant closures and layoffs in the United States and Canada.
The Iowa Economic Development Board approved the financial assistance package Thursday. It includes $1.75 million in tax credits and a $3 million forgivable loan.
Kraft Heinz announced Wednesday it would close its current facility in Davenport, which manufactures Oscar Mayer products and is touted as the world’s largest bologna factory. It plans to move operations to a $203 million facility several miles away.
More than 1,200 workers are currently employed at the downtown plant. City officials say the new plant could retain at least 475 full-time jobs.
