3M gets state assistance for Knoxville expansion
KNOXVILLE, Iowa – The Iowa Economic Development Authority recently approved an incentive package in support of plans to retool 3M Knoxville to produce new tapes and adhesives. The updates to the plant and equipment will require a $25.8 million capital investment.
3M Knoxville manufactures pressure sensitive tapes sold worldwide into the industrial, automotive and construction markets. One of three 3M facilities located in Iowa, the plant began operations in 1974 and has expanded several times.
The IEDA board awarded 3M $360,000 in direct financial assistance and tax rebates under the state’s High Quality Jobs Program for the project. The company expects the investment will create nine jobs and retain 52 jobs paying an average of $19.49 per hour.
3M is a global technology company employing 90,000 people worldwide, with 36,000 employed in the United States.