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Rainbow to build new plant in Panama

China-based company Rainbow Chemical plans to build a new plant and distribution center in Panama, officials said.

Construction will start in September and will be completed by April 2015.

The new state-of-the-art facility will serve as a platform for the production of new specialty and innovative formulation products and their distribution to the Latin American market.

"The demand from farmers for our products is increasing strongly in entire regions, especially in the Central and South American markets. We identified a potential opportunity to expand our supply chain platform by choosing a strategic production location that can satisfy a faster response to our products across all markets and can accelerate our innovation capabilities for this region," Director General for Central America and the Caribbean Michael Groos said.

The plant will have an international R&D center with a high-tech laboratory that will serve to study and develop more innovative agricultural solutions for the Latin American region.

"We think that our R&D team needs to be closer to such important markets, to experience and understand the current problems farmers are facing, so that we can truly accelerate market-driven innovation", CEO Wicky Wang stated.

This project will allow Rainbow to increase its supply chain capacity, have a more efficient distribution operation, and respond faster to all Latin American markets.

"We chose Panama because of its excellent logistical location, attractive investment policies, and work environment. This is one of the many projects that Rainbow has planned worldwide to add value for our partners," Wang added.