Iowa Fertilizer Company, a subsidiary Egyptian-based Orascom Construction Industries, plans to invest more than $1.3 billion to construct a nitrogen fertilizer manufacturing plant in Lee County, near the town of Wever, Iowa.
Lt. Gov. Kim Reynolds said the plant will "bring good, high-paying jobs to an area of our state that has had its share of challenges." The fertilizer company is expected to hire about 165 employees and create about 2,000 jobs during construction of the plant.
Iowa Fertilizer Company's proposed facility will supply ammonia and nitrogen fertilizers to midwestern farmers, who will no longer have to purchase it from oversees.
The firm will receive an incentive package from the county and Iowa Economic Development Authority that includes tax incentives, low-interest loan guarantees, a job training program and funding for infrastructure improvements.
"Iowa is one step closer to landing the largest capital investment project in the history of the state," said Gov. Terry Branstad.
Debi Durham, director of the Iowa Economic Development Authority, said, "Iowa Fertilizer Company's proposed project could have a huge impact for our entire state that will benefit us for years to come."
"Economic development takes many forms but is best achieved when the assets of the location align perfectly with the strengths of the company making the investment." She continued, "That is exactly why it is essential we have the right tools to continue to compete for global projects of this magnitude."