AkzoNobel NV (AKZA.AE) on Friday said that it will invest 10 million euros ($11.9 million) at its Kvarntorp plant in Sweden in order to expand production capacity for chelated micronutrients, which are essential minerals used in the agricultural market.
The investment will help the Dutch chemicals company meet growing demand for micronutrients, particularly in regions with poor soil conditions, it said.
The primary aim of the investment is to add capacity for high-performance iron chelates that will help deliver metals to the plant, a development that AkzoNobel said is on track to be completed in late 2018.
Shares were down 33 euro cents, or 0.4%, to 77.96 euros.
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(END) Dow Jones Newswires
November 24, 2017 04:59 ET (09:59 GMT)