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CBE Group to reoccupy Waterloo building, could add up to 350 jobs

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FILE PHOTO: Tom Penaluna pictured at the CBE Group in Cedar Falls, Iowa on Wednesday, Jan. 18, 2012. (RICK CHASE / Courier Staff Photographer)

CEDAR FALLS, Iowa --- CBE Group announced Friday that it will re-occupy its building located at 4140 Kimball Ave. in Waterloo, which was put up for sale more than two years ago.

This will serve as an expansion in the Cedar Valley, as it will also retain its corporate headquarters in Cedar Falls, company officials said.

CBE’s President, CEO and sole owner since 1986, Tom Penaluna, said, “With this expansion, we will have the capacity to add up to 350 more employees over the next few years to the Cedar Valley alone,” with total employment eventuall exceeding 900 here.

The company moved its corporate office to 1309 Technology Parkway in the Cedar Falls Industrial Park, in August 2010 from the Tower Park office complex and the nearby Kimball location.

The 4140 Kimball building was built in 2005. It was CBE’s “government services” building and handled debt collection for the U.S. Department of Education and the IRS. It was marketed for sale with the move to Cedar Falls

Now, Penaluna said, locations In the Industrial Park and on Kimball allows the company the ability to bring more jobs to the Cedar Valley, as well as additional capacity for future growth.

CBE was formed in 1933 and has maintained its corporate headquarters in the area ever since. Just 10 years ago, CBE employed 150 individuals in the Cedar Valley. Today, that number is nearly 600.

The company has additional locations in West Des Moines and Overland Park, Kansas. Penaluna said.

CBE plans to expand an internship program to help meet its staffing needs.

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