July 25, 2006

Cargill to invest up to US$180 million in soy crushing plant

Cargill Inc is investing US$180 million to expand and modernise its soybean crushing plant in Kansas City, the Economic Development Corp. (EDC) of Kansas City told local media on Friday (Jul 21).

Joe Gonzales, business officer of the department, said Cargill would be spending US$120 million during the next 18 to 20 months, the initial phase of the expansion.

An additional US$60 million would be added in the second phase, he said, although no specific timeline has been set. Cargill is currently buying property around its plant for the expansion.

Part of the money used for the expansion would come from government funding, such as incentives in the form of reduced taxes or tax credits. The company would also seek property tax abatements from the Planned Industrial Expansion Authority of Kansas City, Gonzales said.