Possible tax breaks may bring fertilizer plant and 165 jobs to Iowa
Wed, 05 Sep 2012 20:14:18 GMT —
One hundred sixty-five jobs are on their way to
Lee County, Iowa
A company based in Egypt called
Orascom Construction Industries
or OCI announced plans to build a new fertilizer production plant in Wever.
The state has approved more than $110 million in tax breaks and other incentives for what would be the largest single capital investment ever in Iowa.
"It's going to be a huge project. I think the Farm Bureau estimates that it's going to have a $740 million per year impact on our local farm economy," Larry Kruse, a member of the Lee County Board of Supervisors said.
The project also is expected to create 2,500 construction jobs over the next three years.
"The construction jobs are going to be very important for our area, you always have your little ancillary businesses and jobs that crop up because of an investment like this and we certainly want to, I think we have sent the message out that Lee County is a very good and attractive place to do business," Gary Folluo, who is also a member of the Lee County Board of Supervisors said.
OCI is one of Egypt's largest corporations employing more than 72,000 people in 35 countries.
The company owns nitrogen fertilizer plants in Egypt, the Netherlands, the United States, and Algeria.
Read a complete news release from the company by
Read a statement from Gary M. Folluo from the Lee County Board Of Supervisors by