The Rising Influence of Rising Affluence

[DewDiligence]

SYT Invests $85M in Russian Seed Factory

http://ih.advfn.com/p.php?pid=nmona&article=54263072

›09/21/2012 @ 11:45AM

Syngenta, in conjunction with the Governor of Krasnodarskiy Krai, Russia, has signed a Letter of Intent to invest up to $85 million in the construction of a hybrid seed and crop protection production facility.

John Atkin, Chief Operating Officer, said: "Technology will play a key role in realizing Russia's ambition to intensify its agriculture sustainably. This also represents a significant economic opportunity for Russian farmers. It is therefore vital that they have access to high quality crop protection products and hybrid seeds. Our intended investment will enable local production of these key inputs."

Subject to obtaining the necessary local permits and approvals, Syngenta expects to commence production of hybrid seed in 2015 and of crop protection products in 2016.

"This announcement underlines our long-term commitment to Russian agriculture. We are pleased to be working closely with the authorities in Krasnodarskiy Krai, which is a region at the forefront of the sustainable development of agriculture in Russia," Mr. Atkin concluded.

Syngenta is one of the world's leading companies with more than 26,000 employees in over 90 countries dedicated to our purpose: Bringing plant potential to life. Through world-class science, global reach and commitment to our customers we help to increase crop productivity, protect the environment and improve health and quality of life. For more information about us please go to www.syngenta.com.‹