Swiss agrochemicals company Syngenta has signed a letter of intent to set up an $85m hybrid seed and crop protection production facility in Krasnodarskiy Krai, Russia.
The company noted that technology will play an important role in realizing Russia's goal to intensify its agriculture sustainably, and the new facility will enable the local production of high quality crop protection products and hybrid seeds for Russian farmers.
Subject to obtaining the necessary local permits and approvals, Syngenta expects to begin production of hybrid seed in 2015 and of crop protection products in 2016.
Syngenta chief operating officer John Atkin said that this development underlines the company's 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," Atkin added.
Meanwhile, the company also upgraded its sales target - it announced that it expects sales for its eight key strategic crops to reach $25bn by the end of the decade, compared with a previous target of over $22bn.
This increase is being driven by the accelerating rate of innovation and strategy delivery across the company, Syngenta said.
