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South Korean food company invests in US

27-Oct-2011

The South Korean food manufacturer, CJ CheilJedang, will invest $324m into a new amino acid production plant in Iowa, America.

The investment comes after hefty initiatives from the local government, as it attempts to drive economic development in the region.

 

The Iowa Economic Development Authority Board has approved $1.8m in assistance and tax incentives for the project.

 

The local government has been in talks with the Korean company since January regarding the new facility, and Iowa government minister, Terry Branstad, said that it is an exciting and major investment.

 

Construction of the plant is set to begin in April next year, with production set to begin by December 2013.

 

With a large stronghold in South Korea, CJ CheilJedang is currently considered the country’s number one food manufacturer that focuses on the domestic and export markets.

 

Its new Iowa plant will produce amino acids through fermentation technologies.

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