Koren-based CJ Bio America Constructing $320 Million Iowa Production Facility
05/15/2012
The factory will produce more than 100,000 metric tons of amino acids annually to supplement animal feeds. Lysine is derived from corn by-products to provide an essential amino acid for hog and poultry feed. Domestic production by CJ BIO America is expected to benefit demand for corn and provide better value with domestic feed customers.
"Combined with the capability of the state of Iowa, we believe that CJ will be able to produce our main product, Lysine, with a soaring synergy," said Tae Jin Jeong, Chief Operating Officer, Bio Division of CJ CheilJedang. "In addition, we believe without a doubt that CJ BIO America will be growing in conjunction with the community by actively promoting the growth of local economy as well as the state of Iowa's."
Iowa Governor Terry E. Branstad said " We appreciate the time, energy and investment CJ is making in our state and our people, and we look forward to working with them for many years to come." Construction will begin immediately at the 65-acre site, and the factory is expected to open in early 2014.
According to public records, the Iowa Economic Development Authority Board approved a $1.8 million loan, with the potential that the company will not have to pay interest contingent on job creation, along with other tax incentives. Webster County, Iowa, also provided tax abatements and investment incentive credits.
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