SHANGHAI, April 23 (Reuters) - Grains trader Cargill Inc on Tuesday said it would invest $112 million to expand capacity at its corn processing facility in China’s northeastern province of Jilin.
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, Cargill said in a statement on Tuesday.
The park aims to have an annual corn processing capacity of up to 2 million tonnes by 2020.
Jilin is one of China’s major corn-growing provinces.
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.
Cargill hopes to double its investment in China over the next five years, the China Daily on Tuesday quoted Cargill chairman and chief executive Dave MacLennan as saying. (Reporting by John Ruwitch and Dominique Patton)
Our Standards: The Thomson Reuters Trust Principles.