Syngenta today announced plans to invest $77 million in the expansion of its corn seed production facility in Formosa, Brazil. Annual capacity will be quadrupled to 1.6 million bags by 2015.
Corn production in Brazil is expected to almost double by 2020, spurred by growth in the pork and poultry sectors. Over the same period, the value of Brazil's corn seed market is expected to reach $2.7 billion with increased second season production and greater technology adoption.
Syngenta's Formosa facility is located at the heart of 110,000 hectares of prime corn growing country. The area's climate supports two growing seasons and Syngenta's leading hybrid seed portfolio is well suited to the area. Formosa's location close to Brasilia means logistics infrastructure is also good, providing better export market access for growers.
