CF Industries Plans $1.7 billion Expansion At Its Port Neal, Iowa, Fertilizer Complex
The Port Neal, Iowa, fertilizer project will add new state-of-the-art ammonia and granular urea production units to meet customer demand. “CF Industries is proud of its long history of serving Iowa farmers and we are pleased to increase our manufacturing presence in Iowa in a major way,” commented Stephen R. Wilson, chairman and chief executive officer, CF Industries Holdings, Inc.
“This is another great announcement for Iowa, and we are proud that CF Industries has chosen us for its $1.7 billion expansion,” said Governor Terry E. Branstad. “Our state is clearly well-positioned to take advantage of the growing domestic fertilizer industry. Not only does that mean significant investment that will continue to grow our economy, but also the creation of high-paying jobs for Iowans.”
As an incentive, the Iowa Economic Development Authority Board awarded the project $1.5 million in direct assistance and tax credits in the total amount of $22 million. The tax credit award is made up of $13 million in sales tax refunds paid during construction and $9 million in investment tax credits . The board will also consider future amendments to the award to allocate an additional $12 million in ITC in each of the next four fiscal years, from 2013 to 2016) for a potential total ITC award of $57 million.
“It is so rewarding to watch existing companies continue to make investments in Iowa. With today’s announcement that a company with current operations in Iowa will make a capital investment of nearly $2 billion, it is obvious that we are on the right track to reaching our goals of creating jobs and increasing wealth for Iowans,” said Lt. Governor Kim Reynolds.
In addition to its Port Neal facility, the company operates terminals at Spencer and Garner, Iowa.
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