State board approves forgivable loan to reopen TPI Composites in Newton, creating 320 jobs

Posted by author January 17, 2025 Jobs

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The Iowa Economic Development Authority board approved a $500,000 forgivable loan for TPI Composites, Inc. on Friday to restart its operation in Newton manufacturing blades for wind turbines.

TPI is on track for a relaunch as early as summer, bringing more than 300 new jobs.

The forgivable loan is part of a $3.2 million project that includes building renovations and equipment and computer hardware updates to enable TPI to restart two production lines, according to information included in the materials for Friday’s meeting.

The proposal calls for the creation of 320 jobs paying at least $23 an hour with health benefits. IEDA documents indicate the company is looking at a June start-up.

TPI did not respond to a call seeking comment.

The company previously operated in Newton beginning in 2008. It shut down operations at the end of 2021, idling 710 workers.

At the time, TPI had an expiring contract with General Electric to supply turbine blades and it did not have any future business lined up. The company also cited other economic factors such as the increased cost of raw materials and debate in Congress about tax credits for wind energy providers.

But TPI and General Electric announced in late 2022 they had reached a 10-year agreement for manufacturing turbine components.

Craig Armstrong, development specialist for the city of Newton, said the prospect of TPI beginning operations soon is good news for Newton, the easternmost outpost of the Des Moines metro, and the surrounding area. TPI’s arrival had been a ray of hope for the city after it lost its homegrown major manufacturer, the Maytag appliance company, which shut down after its purchase by Whirlpool in 2006 — and that made TPI’s departure all the more disappointing.

“We will be delighted when they begin manufacturing again. It will increase the number of people coming to Newton and continue our positive growth pattern,” Armstrong said.

He said Newton’s population grew by 600 between the 2010 and 2020 censuses and that there is new home construction taking place.

TPI is based in Scottsdale, Arizona, and operates factories in the U.S., Mexico, Turkey and India as well as additional engineering development centers in Denmark and German along with global service training centers in the U.S. and Spain, according to the company’s website.

Kevin Baskins covers jobs and the economy for the Des Moines Register. Reach him at kbaskins@registermedia.com.