(Fargo, ND) -- The Fufeng Group's $700M corn processing plant project in Grand Forks is moving forward following a federal review by the Committee on Foreign Investment in United States.
The City of Grand Forks forwarded a press release sent by Fufeng USA Incorporated announcing the development to WDAY News First late Tuesday afternoon.
"Fufeng USA today announces that the Committee on Foreign Investment in the United States (“CFIUS”) concluded an extensive two-phase review lasting more than three months under Section 721 of the Defense Production Act of 1950, as amended, of Fufeng’s acquisition of certain vacant land in the vicinity of Grand Forks, North Dakota from local landowners, and determined that the land acquisition was not a “covered transaction” under Section 721. The lead federal agencies for the second phase of the CFIUS review were the Departments of the Treasury, Defense and Agriculture. Accordingly CFIUS will not be taking any further action with respect to the transaction. Fufeng USA is pleased with the outcome of the CFIUS review and is looking forward to building its wet corn milling and biofermentation plant in Grand Forks, North Dakota."
WDAY News First will continue to follow this developing story.