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Monday, November 24, 2014
IEDA Announces Support for VAMA Inc. in Keokuk
November 21, 2014 - VAMA Inc. received an award of $200,000 from the Iowa Economic Development Authority (IEDA) Board of Directors under the Targeted Jobs Withholding Tax Credit Program.
VAMA is a new biotech company conceived and operated by the company's chief scientist Krishna Prasad Sudhir Nair. VAMA will be leasing a building from KSB Bank in Kindustry Park, in Keokuk.
As a result of the IEDA Board action VAMA can now finalize a lease and begin to hire workers. In their application they have pledged to hire 45 new workers within the next 3 years.
VAMA also has pledged to make a capital investment of $816,000 in the business and to provide comprehensive health benefits to its employees.
They will start off producing the product that will kill the Varroa Mite - which has been killing honeybees. Next they plan to bring to Keokuk the production of the bed bug product. Once EPA approves their new mosquito product that should also be produced in Keokuk.
VAMA has been working with Lee County EDG and the City of Keokuk for almost a year.