BAYRY - Bayer to invest ~Euro60M in Ukrainian corn seed production site

2023-04-05 05:11:42 ET

• Bayer ( OTCPK:BAYRY ) ( OTCPK:BAYZF ) will invest ~€60M starting this year, in its corn seed production facility in Pochuiky, Ukraine.
• The German conglomerate noted that the investment is aimed at bolstering its Crop Science business in the country, and contributing to rebuilding the economy.
• The investment includes a new seed dryer, agricultural field equipment, storage facilities and construction of two bomb shelters for safety of the Ukrainian staff.
• "We will do our part to support the rebuilding plan for Ukraine and protecting food security for the region and for the world," said Matthias Berninger, Bayer's head of Public Affairs, Science and Sustainability.
• Bayer noted that prior to the war, it invested ~€200M to set up corn seed production through a network of skilled Ukrainian farmers and the greenfield seed processing site in Pochuiky. The plant was inaugurated in 2018.
• Berninger had attended a small business delegation, the first business delegation of the German government in Ukraine since the start of the war. The delegation was led by Robert Habeck, German Vice-Chancellor and Federal Minister for Economic Affairs and Climate Action, according to the company.

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