Today, Newton will announce the name of a manufacturer with 723 jobs to fill that is interested in locating in the town. City officials would not reveal the identity of the manufacturer on Friday, saying only that the factory would make “structural composite materials.”

Newton is competing against other cities and even countries that also want the manufacturer’s bounty of jobs. Iowa Department of Economic Development public information officer Shawn Rolland said Newton plans to apply for $2 million in state funds to attract the manufacturer. Rolland said Iowa committed to $10 million in funding for Newton after Whirlpool Corp. announced last year it would cease operations at the town’s Maytag Corp. plant. The Maytag closure will mean the loss of 1,800 jobs.

Rolland said other small towns — Algona, Le Mars and Nevada — have gotten state funds for economic development equal to the $10 million promised to Newton.