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KOCH COMPLETES ITS $3.6 BILLION ACQUISITION OF IOWA FERTILIZER CO.
Sep. 3, 2024
by Donelle Eller, Des Moines Register
Koch Inc. says it's completed the controversial $3.6 billion purchase of the Iowa Fertilizer Co., a project in southeast Iowa built with millions of dollars in government incentives.
Koch Ag & Energy Solutions, a Koch subsidiary, said Thursday it had bought the plant near Wever from OCI Global. Wichita, Kansas-based Koch in December announced its plan to buy the facility, which produces 3.5 million metric tons of nitrogen fertilizers and diesel exhaust fluid annually.
"This acquisition marks another significant investment in the growth of our fertilizer business," Mark Luetters, president of the company, said in a statement. "In the past 15 years, we have invested $2 billion in our North American production facilities to enhance reliability, expand production and improve logistics for our customers.
"This investment enhances our ability to serve customers long-term by providing additional flexibility to adapt to their nitrogen preferences," Luetters said.
Farmers have expressed concern about the deal further consolidating the fertilizer industry and driving prices higher. At an Iowa Farmers Union event in April in Nevada, about 100 from Iowa and other Midwestern states told Lina Khan, the Federal Trade Commission chair, at an Iowa Farmers Union event in Nevada that consolidation within the agriculture industry -- from makers of fertilizer and farm chemicals to seed producers -- was squeezing already slim profits from their operations.
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