Egypt's largest company announced plans to spend $1.4 billion building a fertilizer plant in Iowa, tapping into cheap U.S. natural-gas supplies and the nation's role as the world's most important food exporter. Orascom Construction Industries opted to build the plant in the heart of the Corn Belt over a competing package of incentives from neighboring Illinois, highlighting the tough "beauty contests" between U.S. states for investment from domestic and overseas companies.So many story lines; so little time.
Added, later, after "anon 1" sent in a comment:
Egypt-based Orascom Construction Industries plans to build the largest project in Iowa history — a $1.4 billion fertilizer plant — and also buy the state’s largest construction company.
The Weitz Co. is one of Iowa’s oldest companies — at 157 years — and has built many of the state’s most prominent buildings, including arenas, academic halls, corporate headquarters, hospitals and hotels.
The purchase was disclosed Wednesday at a news conference that also announced that Orascom will bring the fertilizer plant to Lee County in southeast Iowa.
And, they bought a huge construction company.
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Anon 1