Swiss agrochemical company Syngenta AG said Thursday it will build a new biotech research and technology center in Beijing, and expects to invest $65 million in the project in the first five years.
The company plans to begin operating temporary facilities on the site this summer. The building is expected to be completed in 2010.
The center will initially have about 100 employees. That number is expected to double once the building is opened.
Work at the center will evaluate crop traits and ways to improve yield, drought resistance and disease control, for crops such as corn and soy, Syngenta said.
U.S.-traded shares of Syngenta slipped 4 cents in premarket electronic trading, from their close Wednesday at $63.55.
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