Diamond V Mills receives $435,000 to aid recovery
Diamond V Mills was awarded $435,000 from the Community Economic Betterment Account by the Iowa Department of Economic Development Board for flood recovery costs.
The loan and forgivable loan will help retain 87 jobs at the company, which manufactures animal nutrition and health products from fermented yeast.
Diamond V Mills sustained more than $6 million in facilities damage and additional production costs when floodwaters from the Cedar River entered its manufacturing facilities.
Only $2 million of the flood damage was covered by insurance, Gov. Chet Culver’s office said in announcing the loans.
Diamond V Mills was the first major manufacturer to restore production after the flood in Cedar Rapids. It resumed partial production two weeks after the flood, on June 27, and was back to full production July 3.
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