February 16th 2018
ADM will invest nearly $200 million in Iowa (USA) grain facility.
Chicago-based Archer Daniel Midland will invest nearly $200 million to update a grain processing facility in Clinton.
The company plans to revamp the early 1900s-era wet mill facility it acquired in 1982, according to state economic development documents.
ADM will spend about $196 million to revamp the mill, according to state records. That includes $146.5 million for machinery and equipment and $39.1 million in building construction costs.
The Iowa Economic Development Authority board approved about $8.2 million in economic incentives toward the build at its Friday meeting. That includes $7 million in investment tax credits and about $1.3 million in tax refunds.
Clinton must match the state award with a 5-year tax abatement, but the value of that incentive was undetermined on Friday.
ADM has agreed to retain 42 jobs, which must pay at least $15.99 per hour. Officials said the plant currently employs about 775 people. State officials do not expect large job losses, but the incentive award was contingent upon clarification of employment levels.
ADM’s mill separates corn so it can be converted into products like sweeteners, starches, ethanol, and bioproducts. That includes liquid dextrose, high fructose corn syrup, crystalline dextrose, native and modified dry starches, Fibersol®, ethanol, crude and refined corn oil, gluten meal and gluten feed.
“The equipment in the Mill has reached the end of its useful life and is installed in many of the original plant structures,” state documents read, “which are also beyond their economic life expectancies.”
Source: https://www.desmoinesregister.com/story/money/business/2018/02/16/adm-invest-nearly-200-million-iowa-grain-facility/345777002/