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Quatro Composites has been awarded a $750,000 forgivable loan and a $750,000 loan from the Iowa Economic Department Authority (IEDA) to support a nearly $11.8 million expansion of its corporate and manufacturing facilities and the creation of 99 new jobs in Iowa within 36 months.
Quatro explains it is a fast growing company that has received numerous contracts from aerospace suppliers to produce carbon composite structures for the new 787 Dreamliner airplane. “The State of Iowa has been a great resource for our continued growth in Orange City,” said Steve Roesner, President and COO of Quatro. “We are honoured to be selected as one of the recipients of funding support from IEDA.”
In early fall of 2012, Quatro explains it will break ground for the approximately 40,000 ft expansion that will more than double the size of their current facility, and create advanced manufacturing positions in various departments. The new manufacturing space will increase current production capacities, while undertaking new business opportunities from additional commercial aerospace, unmanned aerial vehicles, and leading medical equipment manufacturers. Construction is expected to be completed in early 2013.
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