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Quatro Composites™ Receives Funding from State Economic Development Board - Quatro Composites™, a leader in design and fabrication of advanced composite structures, announces the award of a $750,000 forgivable loan and a $750,000 loan from the Iowa Economic Department Authority (IEDA) - QuatroComposites.com
Quatro Composites™ Receives Funding from State Economic Development Board

 

NewswireToday - /newswire/ - Orange City, IA, United States, 2012/06/26 - Quatro Composites™, a leader in design and fabrication of advanced composite structures, announces the award of a $750,000 forgivable loan and a $750,000 loan from the Iowa Economic Department Authority (IEDA) - QuatroComposites.com.

   
 
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The funding assistance will 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 is a fast growing, advanced 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 C.O.O. of Quatro. "We are honored to be selected as one of the recipients of funding support from IEDA."

In early fall of 2012, Quatro 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.

Quatro Composites™ (quatrocomposites.com), a wholly owned business of Tec Industries, LLC, is an Iowa-based advanced manufacturer offering a full line of services from design, analysis, prototyping and production of advanced composite products. Quatro manufactures and engineers products for the aerospace, military / defense, industrial and medical markets. The business operates in two locations, Orange City, Iowa, (Headquarters, Manufacturing & Distribution) and Poway, California (Technical Development Center).

 
 
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Written by / Agency / Source: Quatro Composites

 
 

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Quatro Composites™ Receives Funding from State Economic Development Board

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Publisher Contact: Molly Sitzmann - QuatroComposites.com 
712-707-9200 molly.sitzmann[.]quatrocomposites.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Quatro Composites securities in any jurisdiction including any other companies listed or named in this release.

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