The Iowa Economic Development Authority has awarded $500,000 in direct financial assistance to Lopez Foods to expand in Cherokee.
The company headquartered in Oklahoma City will remodel a 285,000-square-foot vacant facility the company purchased, including the installation of manufacturing equipment and computer hardware.
The project, expected to generate more than $29.5 million in new capital investment, will create 386 jobs, with 171 incented at a qualifying hourly wage of $17.40.
Six jobs will be retained at the same wage.
Lopez Foods will produce Canadian-style bacon logs, fresh and frozen beef patties and other new product lines to be sold to an international restaurant chain.