Business Watch: Siemens fails to hire Fort Madison jobs

Siemens Energy has not met the job requirements for a project at its Fort Madison plant that makes wind turbine blades.

The company was supposed to hire 287 people under an agreement it inked with the Iowa Economic Development Authority for about $3.3 million in state money.

Siemens missed its mark by 85 jobs, the board discussed Friday. The company has spent about $37 million on the project, $5 million more than the initial budget.

Siemens asked the board to waive the jobs requirement so it could still use the incentives since it has exceeded its investment promise.

The Iowa Economic Development Authority Board declined that request. The board instead suggested Siemens ask for a later deadline to meet the jobs number.

Yara, CF Industries abandon merger talks

Norway's Yara International and Deerfield, Ill.-based CF Industries have abandoned merger talks that would have created a massive player in the fertilizer industry.

Both companies say discussions have been terminated because they couldn't agree on terms acceptable to all shareholders.

A merger would have created a combined company with a market capitalization of more than $26 billion and annual sales of about $20 billion.

Torger Kvidal, the CEO of Yara International ASA, said Friday that despite significant synergies, "in the end it became clear that we would not be able to agree on terms that would be acceptable to all stakeholders."

Yara has a broad, global presence, with facilities and warehouses in dozens of countries and sales to more than 150 countries. CF concentrates on nitrogen fertilizer manufacturing and distribution.