Monsanto Canada invests $14 million to upgrade Alta. seed production plant
LETHBRIDGE, Alta. - Monsanto Canada says it will invest more than $14 million to expand and upgrade its existing hybrid canola seed manufacturing plant in Lethbridge, Alberta.
The company is investing in its canola seeds business at a time when farmers are planting more of the plant, which is used to make healthy cooking oil and livestock meal and as a raw material for biofuel.
The company predicts the canola market will grow substantially in the next five to 10 years.
"Our canola hybrid production volume has increased at a rapid pace and our current facility is not adequate to support our expected continued growth in this segment of our business," said Ryan Baldwin, president of Monsanto Canada's seeds business.
"By bringing everything under one roof, we will gain efficiencies and enhance our quality control. It's the right thing to do for the growth we are forecasting ..." he added.
The expanded plant is expected to handle all of Monsanto's North American hybrid canola seed production when the expansion is completed in August 2011.
Last year, the company invested $15 million to build a new plant breeding centre in Winnipeg and expand its crop technology research in Saskatoon.
Headquartered in Winnipeg, Monsanto Canada is part of St. Louis-based Monsanto Co., which develops agricultural products including genetically modified seeds and herbicides.
