Fufeng moving forward with corn milling plant in Grand Forks
GRAND FORKS, N.D. (Valley News Live) - Fufeng USA says they’re pleased with the outcome of a CFIUS review and is looking forward to building its wet corn milling and biofermentation plant in Grand Forks.
Fufeng announced Tuesday 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 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. The letter from Andrew Fair, CFIUS Staff Chair, is below:
Dear Mr. Murphy:
Your notice submitted on October 17, 2022, informed the Committee on Foreign Investment in the United States (CFIUS) of the acquisition of Certain Assets in the Vicinity of Grand Forks, North Dakota by Fufeng Group Limited (the “Transaction”).
Section 721 of the Defense Production Act of 1950, as amended, authorizes the President, acting through CFIUS, to review and investigate certain mergers, acquisitions, and takeovers that could result in foreign control of any person engaged in interstate commerce in the United States and certain other investments by a foreign person in an unaffiliated U.S. business.
After receiving a filing, CFIUS must determine that it has jurisdiction to review the transaction before taking any other action. You filed your notice pursuant to 31 C.F.R. Part 800, which pertains to “covered transactions” as defined at 31 C.F.R. § 800.213.
CFIUS has reviewed the information provided to it regarding the Transaction, including but not limited to the notice submitted on October 17 and the answers the transaction parties provided in response to the Committee’s additional questions. Based upon the specific facts and circumstances, CFIUS has concluded that the Transaction is not a covered transaction and therefore CFIUS does not have jurisdiction under 31 C.F.R. Part 800. CFIUS reserves all rights and authority under Section 721 to initiate a new review of the matter as permitted by law, including if information comes to light demonstrating that the transaction parties omitted material information or submitted false or misleading material information in the above referenced filing in a manner that would afford CFIUS jurisdiction.
In accordance with 31 C.F.R. § 800.1105(b), Treasury will refund the filing fee paid by the parties in connection with the notice. To facilitate this refund, please send an email to CFIUSrefunds@treasury.gov with the CFIUS Case number 22-239, Pay.gov payment reference number for the filing fee, and the following information for the recipient of the refund: company name, tax ID number, address, routing number, account number, and account type (checking or savings).
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