BASF to double investment in crop protection
06/11/2014 2:23 PM
06/13/2014 9:22 AM
Correction: This story incorrectly stated that BASF intends to double its investment over five years in its Plant Science division. The investment will be in the Crop Protection division.
BASF has completed its $30 million expansion of its Research Triangle Park facilities and expects to introduce 8 new agriculture products in North America over the next two years.
The company, which has three facilities in North Carolina where it employs more than 1,000 people, announced its plans at a media event in Durham on Wednesday.
BASF plans to significantly increase the size of its Beaumont, TX facility. The company plans to spend roughly $365.4 million to increase herbicide production in Beaumont and elsewhere, said Nevin McDougall, a BASF vice president.
He said the Crop Protection division’s investments in property, plant and equipment will double over the next five years. Agricultural products accounted for $6.9 billion of the company’s $97.4 billion in total sales last year. But the division is the best performing branch of the company in terms of growth, said Andreas Kreimeyer, BASF’s research director.
McDougall on Wednesday also announced a co-development agreement with Japanese company Mitsui Chemicals Agro to create a high performing insecticide.
The company’s pipeline of new products includes fungal resistance technology which will help farmers increase their yields.
Beyond herbicides, insecticides and fungicides, BASF said it is also exploring a field it calls functional crop care, which includes soil management and seed solutions.
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