Cargill set to invest USD 100 mln in China corn facility

Cargill said it was set to invest USD 112 million to expand capacity at its corn processing facility in China’s northeastern province of Jilin, Reuters report.

The plant in Songyuan city is part of a bigger project being jointly built with the local government called the Sino-U.S. Cargill Biotech Industrial Park, the company said.

The park aims to have an annual corn processing capacity of up to 2 million tonnes by 2020.

Cargill said it would also set up a centre in the park to carry out research and training on food safety and improve product development for food ingredients.

In late March, Cargill reported USD 566 million of net earnings on a U.S. GAAP basis for the fiscal 2019 third quarter, representing a 14 pct increase from USD 495 million in the year-ago period. For the nine-month period, net earnings declined 3 pct to USD 2.33 billion.