After Monsanto announced $1.6 billion in profits last quarter, the state of Iowa announced it will be giving the company $7.5 million in tax incentives for a new seed corn plant. Monsanto's $90 million project qualified for Iowa's High Quality Job Creation program. (The company was awarded an additional $2.5 million in tax breaks for creating 25 jobs at one of its breeding centers in Ankeny, IA.)

Monsanto is building its new plant in Independence, Iowa. The location is a bit ironic given Monsanto's anti-competitive business practices that make farmers more dependent on one company, don't you think?

Source: The Chicago Tribune