CF Industries Holdings Inc. plans to invest $1.7 billion to expand production at its Port Neal fertilizer plant in Woodbury County, the company announced this afternoon.

In a special meeting via telephone, the Iowa Economic Development Authority board today approved $1.5 million in direct assistance and tax credits totaling $22 million. The board had kept the name of the company and the nature of the project confidential prior to the announcement, referring to it as “Project X.”

The Port Neal project will add new state-of-the-art ammonia and granular urea production units to meet customer demand, and will create 100 new jobs with a qualifying wage of $20.12 per hour.

“This is another great announcement for Iowa, and we are proud that CF Industries has chosen us for its $1.7 billion expansion,” Gov. Terry Branstad said in a release. “Our state is clearly well-positioned to take advantage of the growing domestic fertilizer industry.  Not only does that mean significant investment that will continue to grow our economy, but also the creation of high-paying jobs for Iowans.”

CF Industries is a global leader in fertilizer manufacturing and distribution, the second- largest nitrogen fertilizer producer in the world and the third-largest phosphate fertilizer producer among public companies. CF Industries owns and operates world-scale nitrogen and phosphate plants and serves agricultural and industrial customers through its own distribution system.