06 February 2013 08:21 [Source: ICIS news]
SINGAPORE (ICIS)--Syngenta is planning to invest $77m (€57m) to expand its corn seed production facility in Formosa, Brazil, which will quadruple its annual capacity to 1.6m bags by 2015, the Switzerland-based agribusiness group said on Wednesday.
“Brazil is already among the world’s top three corn producers and has tremendous long-term growth potential,” said Syngenta’s chief operating officer John Atkin in a statement.
“The Formosa expansion will help us meet increasing grower demand for our leading hybrids and our new trait combinations,” he said.
Corn production in Brazil is expected to almost double by 2020, boosted by the growth in the pork and poultry sectors, according to the company.
($1 = €0.74)
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