SYNGENTA announced plans to invest $77 million to expand its corn seed production in Brazil, quadrupling the output of its facility in Formosa, Brazil, by 2015.
Slated for an annual production capacity of 1.6 million bags, the Formosa facility will serve a growing need for corn seed as corn production in Brazil is expected to nearly double by 2020 due to growth in the country's pork and poultry sectors.
The Switzerland-based seed and trait firm estimated that the value of the seed corn market in Brazil will reach $2.7 billion with greater adoption of seed technologies and increased second-season planting.
"Brazil is already among the world's top three corn producers and has tremendous long-term growth potential," Syngenta chief operating officer John Atkin said. "The Formosa expansion will help us meet increasing grower demand for our leading hybrids and new trait combinations."