Iowa Fertilizer Company (IFC) will build a $1.4-billion nitrogen fertilizer production plant on 500-acres of land near Wever in northern Lee County.
The site offers rail, river and highway access and is located near a natural gas line, which is essential to the plant's operation.
The project will create 165 full-time, permanent jobs and several thousand temporary construction jobs.
During a news conference in Des Moines on Wednesday, Governor Terry Branstad says this will be a much-needed shot in the arm for Iowa, and Lee County in particular.