DowDuPont has shut down a 30-million gallon ethanol plant in Nevada, Iowa. The $225 million operation uses corncobs, husks, and stalks to produce the renewable fuel. Ninety workers are out of a job as a result of the move. The project has received about $14 million in state grants since 2010 and was granted $3.4 million in tax credits. State officials are looking at what the company may need to repay. The plant closing was part of a DowDuPont announcement that the company will be downsizing its global workforce by 5-7 percent, along with consolidating and shutting down some facilities. DowDuPont finalized its $150 billion merger on August 31. The company is planning to cut $3 billion in costs as it spins off three separate businesses, including agriculture, material sciences, and specialty products.
DowDuPont is the parent company of DuPont Pioneer and says the restructuring will begin next year, even though some job losses have already taken place. A skeleton crew will maintain the Iowa ethanol plant in until a buyer is found. The company says the next-generation plant no longer fits into its future plans.
Source: NAFB News Serivce