Keokuk, IA – Hendricks Holding Company purchased the former Iowa Gateway Terminal several years ago. The idea was for the Beloit, WI-based firm to develop a port terminal.
Roquette America has now acquired the land, approximately 100 acres, and the assets associated with Hendricks Holding Company's Southeastern Iowa Port Terminal. The terms of the deal were not released.
Roquette C.F.O. Paul Janicki says the agreement ends a lawsuit between the two sides over the actual ownership of the property.
Roquette filed the lawsuit in October 2007. The company claimed that it had the right of first refusal on the riverfront property.
Janicki says Roquette is willing to work with local, regional, and state leaders on the future development of the Southeastern Iowa Port Terminal. He says, "We all, pretty much, give or take, have the same vision. It is just the question of how to make that come to fruition and how to do that as effectively as possible."
Janicki says Roquette will continue the current operations at the Southeastern Iowa Port Terminal. He says acquiring the land also helps Roquette plan for future growth and expansion.
It's unclear how this agreement will impact other Hendricks operations in Lee County. In particular, a wind turbine tower manufacturing plant that was proposed more than 18 months ago.