With Kraft Heinz announcing their move from one Davenport, Iowa facility to another, questions have surfaced about whether all the employees will be able to keep their jobs or not.
According to the Iowa Economic Development Authority (IEDA), the project is expected to cost $163 million and the Davenport manufacturing facility will keep at least 475 jobs.
Previous reports indicate that the current facility employs about 1,400 people.
One day after the company announced plans to move production to a new proposed location in Davenport, a report was released saying that tax incentives had been approved by the IEDA. The incentives program would benefit the company in constructing their new “state-of-the-art manufacturing facility.”
According to the statement from the IEDA, the incentives would give Kraft Heinz $1.75 million in tax benefits as well as $3 million to go toward demolishing the current facility.
On November 5, 2015, Kraft Heinz released their third quarter earnings results. They reported a major increase of 136% in net sales, credited to the merge of Kraft and Heinz that was completed in July. They also reported a 2.4% decline in operating income.
