DAVIS, Calif., Dec. 26, 2013 /PRNewswire/ -- Marrone Bio Innovations, Inc. (MBI) (NASDAQ: MBII), a leading global provider of bio-based pest management and plant health products announced it has initiated production of Grandevo®, the company's flagship bioinsecticide, at its Bangor, MI plant. This is the company's first production of a fermentation product at this location since renovation of the plant, acquired in July 2012, was initiated.
"Producing this first batch of Grandevo is an important milestone in meeting the margin objectives we have set for 2014," explains Hector Absi, Sr. VP of Commercial Operations for MBI. "As we expect to continue delivering double digit sales growth of our existing products and plan for new product introductions, this new manufacturing capability will allow faster scale up, make us much more responsive to surges in market demand and more effective in managing our production costs."
Revitalization and expansion of the facility will be completed in multiple phases with an anticipated total capital expenditure of $32 million. Installation of the first of three fermentation tanks, and the construction of a dedicated building to house them, marks the completion of phase 1A of the project.
Future phases will include production of the company's Regalia® biofungicide, as well as increasing the capacity of the utilities and installing larger fermenters that will accommodate production of multiple products at higher volumes.
Absi adds, "This is a key accomplishment for our company, but there is more to be done to fulfill our manufacturing plan. Our priority is to ensure we have the capability, and flexibility, to meet the exciting sales targets we have set for 2014."
About Marrone Bio Innovations Marrone Bio Innovations, Inc. (NASDAQ: MBII) is a leading provider of bio-based pest management and plant health products for the agriculture, turf and ornamental, and water treatment markets. Our effective and environmentally responsible solutions help customers operate more sustainably while controlling pests, improving plant health, and increasing crop yields. We have a proprietary discovery process, a rapid development platform, and a robust pipeline of pest management and plant health product candidates. At Marrone Bio Innovations we are dedicated to pioneering better biopesticides that support a better tomorrow for users around the globe. For more information, please visit www.marronebio.com.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements in this press release include statements regarding our expectations, beliefs, hopes, goals, intentions, initiatives or strategies, including statements relating to anticipated sales and costs to complete the manufacturing facility. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those in the forward-looking statements, including the difficulty in predicting the outcome of product research and development efforts and regulatory approvals. Additional relevant information concerning risks can be found in the in the Form 10-Q that the Company filed with the Securities and Exchange Commission on November 8. 2013.
SOURCE Marrone Bio Innovations, Inc.