The Iowa Economic Development Authority Board approved $2.23 million in tax credits today for Archer Daniels Midland Company’s planned expansion at its Clinton complex, a project expected to create 53 jobs and bring $55.5 million in new capital investment to the state.
ADM, a global food processing and commodities trading company, will convert an underutilized 463,503-square-foot fermentation facility into a precision fermentation operation capable of producing high-value biobased products at scale.
The project includes new processing equipment for separation, purification, drying and packaging. ADM also plans to upgrade existing fermentation equipment, piping and supporting systems to enable large-scale production of proteins and enzymes.
The 53 new positions will pay a qualifying wage of $23.57 per hour, according to the authority’s announcement.
The fermentation facility investment represents the second major project ADM has announced for its Clinton complex this year. In May, the company said it would install two high-speed corn receiving pits and expand storage capacity at its corn processing facility to reduce farmer wait times during harvest season.
“We’ve been part of the Clinton community for more than 40 years,” Tim McHenry, ADM’s vice president for North America Grain & Feed, said in May. “We’re proud to support local farmers, invest in our facilities, and contribute to the strength of this community.”
The tax credits come through Iowa’s High Quality Jobs Program, which supports companies making significant capital investments and creating jobs that pay above-average wages.
