Monsanto to build seed plant in Russia

Monsanto is making plans to build its first plant in Russia, which is the world's fourth largest grain producer.

The company currently works with a network of local partners and distributors in Russia, Reuters reports. Leticia Goncalves, who heads Monsanto's operations in Europe and the Middle East, told the news service that the company plans to increase its seeds produced in Russia and "to have a facility there."

Monsanto said last year that it also planned to build a corn seed plan in the neighboring Ukraine.

"We still believe that Ukraine and Russia both are longterm opportunities for our business, and we want to make sure we are in a position to accelerate our business growth despite the shortterm geopolitical and macroeconomic challenges," Goncalves told Reuters.