NEAR SALIX, Iowa (KTIV) -
CF Industries will invest $1.7 billion to expand its Port Neal plant creating thousands of temporary jobs, and doubling the plant's permanent workforce.
The money will fund a state-of-the-art ammonia and granular urea production unit. Work on the expansion will require hiring 1,500 to 2,000 construction workers. When complete, the company will hire 100 new, permanent workers at the plant.
The work should be done in 2016.
For now, state, county and local leaders can enjoy the fruits of their labor. Chris McGowan, Siouxland Chamber President says, "It is historic, and we are excited." Historic because, by most accounts, the benefits of C-F's Port Neal expansion won't stop with the company. Gov. Terry Branstad, (R) Iowa says, "This kind of investment will have a major economic impact that will be felt all over our state, especially here in Northwest Iowa and also benefiting neighboring states as well," Governor Terry Branstad, (R) Iowa said.
Namely, Branstad says the expansion will cut costs for farmers who can get their fertilizer from CF much closer to home. Gov. Terry Branstad, (R) Iowa says, "The savings to farmers will be in he hundreds of millions of dollars every year." With a local source, farmers won't have to pay more to import the fertilizer they need.
County leaders say investments, like C-F's, helps local taxpayers, too. Jackie Smith, Woodbury County Board of Supervisors Chair says, "Woodbury County, and several other county taxing bodies, will see tremendous expansion to their existing tax bases which will prove enormously beneficial to the citizen taxpayer of Woodbury County." The C-F expansion could mean $49-million in new tax revenue to Woodbury County over 20-years.
The fact that C-F chose to expand a local plant is icing on the cake for state leaders. Lt. Gov. Kim Reynolds, (R) Iowa says, "We all know that 80% of our job growth comes from within. So, it's just as important that we are positioned to take care of our own companies as we work to attract new investment."
Stephen Wilson, CF Industries Holdings, CEO.
