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.
Project Announcements
Water Solutions Unlimited Plans Leitchfield, Kentucky, Manufacturing Plant
02/03/2023
White Drive Motors & Steering Expands Hopkinsville, Kentucky, Operations
02/03/2023
Kroger Establishes Miami, Florida, Spoke Facility
02/02/2023
South Korea-Based Seoyon E-HWA Plans Chatham County, Georgia, Manufacturing Plant
02/02/2023
Bottling Company International Plans Morrison, Tennessee, Operations Complex
02/01/2023
Engineered BioPharmaceuticals Expands Danville, Virginia, Operations
02/01/2023
Most Read
-
2022 Top States for Doing Business Provide an Environment for Business Growth
Q3 2022
-
Location Factors in the EV Industry — “Mission Critical” or “Nice to Have”?
2022 Auto/Aero Site Guide
-
Three Big Challenges Facing the Food & Beverage Industry
Q4 2022
-
How Are Economic Developers Partnering to Solve Workforce Challenges?
Q1 2023
-
36th Annual Corporate Survey: Executives Focus on Labor, Energy, Shipping Costs
Q1 2022
-
Fixing the Supply Chain with AI and Robotics
Q4 2022
-
18th Annual Consultants Survey: Access to Major Markets and Skilled Labor Are Clients’ Primary Concerns
Q1 2022