State Helps Japanese Company Invest in Clinton
With help from the state, a Japanese company will invest millions of dollars in Clinton. Friday the Iowa Economic Development Authority announced a one million dollar incentive package for Spiber Incorporated.
The bioscience company makes what's called "spider silk" in the lab that's used in clothing and other consumer products, including auto parts. The operation in Clinton will be its first in the US, and is a partnership with Archer-Daniels-Midland.
The state incentive is a one million dollar forgivable loan through the High Quality Jobs Program, for the project that will total 101 million dollars.
Spiber worked with The North Face to make a bio-degradable jacket, and its silk material is considered a possible alternative to nylon and other petroleum-based materials.