Global natural gas prices (natural gas is the main ingredient for nitrogen based crop nutrients) have been such that for the past 25 years the U.S. has imported over half of nitrogen-based fertilizers to meet its local requirements. The vision of MFC is to provide exceptional value to all stakeholders; customers, employees, share holders and the communities where MFC people work and live by displacing imports and manufacturing these products locally.
Our $2.4 billion state-of-the-art nitrogen fertilizer facility in Mt. Vernon, Posey County, Indiana will significantly enhance the local tax base and grow economic prosperity and growth opportunities. It will create more than 2,500 construction jobs and as many as 200 ongoing regular and contract employment opportunities. Thousands of U.S. farmers will also benefit from a home grown supply of fertilizer eliminating the long lead time cost and uncertainty that is associated with imports.
This facility will also benefit the many locally owned and operated businesses that will partner with MFC, creating additional jobs, growth, development, and investment within Posey County and the surrounding area.
MFC's Posey County facility signifies a milestone in rebuilding U.S. manufacturing and encouraging global business investment here at home. The project financing includes tax-exempt bonds, issued by Posey County, Indiana under the Heart land Disaster Tax Relief Act of 2008.The support of Indiana state government will also provide a strong statement about commercial investment as an option for local communities through out America. As the project moves forward, MFC will continue to meet with state and local leaders to ensure that the partnership among MFC, Posey County and the state of Indiana provides real and sustainable benefits to the entire community. Community engagement, which is consistent with our values will be critical to our success.