As part of the project, ADM said it will invest $196 million in the modernization and expansion, including $146.5 million earmarked for new machinery and equipment and $39.1 million dedicated for building expansion. The company also intends to invest $7.8 million in other machinery and equipment and $2.8 million in site preparation.
|Jackie Anderson, spokeswoman for ADM|
“ADM is a proud member of the Clinton community, with operations spanning corn processing, grain origination and storage, and river transportation,” said Jackie Anderson, spokeswoman for ADM. “We are solidifying our presence in Clinton by investing to rebuild our 100-year-old Clinton wet mill.”
The Clinton mill was built in the early 1900s and was acquired by ADM in 1982 from Nabisco Brands, Inc. State documents indicate ADM considered closing the facility about 18 years ago, but the plant has managed to stay operational and currently employs more than 750.
The Iowa Economic Development Authority’s board has approved $8.257 million in tax credits from its High Quality Jobs program for the renovation, including $7 million in an investment tax credit and $1.257 million in a sales, service and use tax refund.
“I am excited to see Archer Daniels Midland Co. investing in Clinton with $196 million to modernize its plant,” said Senator of Iowa Rita Hart. “This is good news for Clinton. ADM has been in Clinton since 1982. Modernizing and automating the Clinton facility will help the company remain competitive and, hopefully, add more good jobs down the road.”
Work on the project is expected to begin in the first quarter of 2018, with completion scheduled for the first quarter of 2022.