Syngenta announced today that an $8.3 million expansion allowing new product lines to be processed at their Slater, Iowa complex is now complete. The expansion will allow Syngenta to provide corn parent seed for single-cross hybrids across North America, and will increase the facility's output by 20 percent.
Plant manager Aaron Sinclair remarked, "This expansion also demonstrates our commitment to the community -- and to thinking like a grower. Our goal is to provide farmers more choice in the technologies and products they need to be successful." (Quote provided by AG Professional...click here for more)
Syngenta obtained the Slater complex when it purchased Garst in 2004. The expanded site now features a green corn receiving facility, shelling and conditioning towers and a climate-controlled warehouse, additional shipping docks and expanded office space.
The workforce has increased at the complex and more seasonal employees will be needed to man the expanded facility.
This comes on the heels of strong economic news in Syngenta's Q3 earnings report touting a 6 percent uptick in sales over the quarter, and a new 9-month sales record of $11 billion. Demand for seed is on the rise as growers worldwide look to boost Ag-output, and with increased production potential in Slater, Syngenta is in good position to capitalize on that demand while providing the latest technological advancements in seed to growers.
As of now...
Syngenta (SYT) has trended higher for about a year now -- up $0.09 at last report to end the day Friday, October 26 at $75.85.