Rainbow to build processing plant in Panama
Chinese agrochemical company Rainbow Chemical has unveiled plans to build a pesticide plant and distribution centre in Panama. Construction of the facilities is slated to begin in September, with completion expected by April 2015. The plant will be for the processing of Rainbow’s agrochemical formulations. "Demand from farmers for our products is increasing strongly in the whole region, especially in the Central and South American markets,” Rainbow’s director general for Central America and the Caribbean, Michael Groos, says. Rainbow believes that Panama is a “strategic production location” for the region. The company’s Central American subsidiary estimated that annual turnover in the region would total some $25 million in 2013, and forecast revenue growth of 20% this fiscal year (Agrow No 676, p 7).