BANGOR, Mich., July 2, 2014 (GLOBE NEWSWIRE) -- Marrone Bio Innovations, Inc. (MBI) (Nasdaq:MBII), a leading global provider of bio-based pest management and plant health products, celebrated the official opening of its Marrone Michigan Manufacturing (M3) facility yesterday with a ribbon cutting ceremony and plant tours.
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=26281
The M3 facility is a wholly-owned subsidiary of MBI. Acquired in July 2012, the original site included an existing building of 11,400 square feet and 12 acres of land. It contained the infrastructure needed for planned manufacturing processes and provided ready access to transportation services while being ideally located in an area with a highly skilled, educated workforce for filling needed technical, operational and management positions.
The first phase of construction at the M3 plant enlarged the facility's size by 6,600 square feet, adding fermentation capacity. Phase 2 and Phase 3 expansions are planned through 2017 and will amplify capacity to meet manufacturing needs for the growing MBI product family.
On June 4, 2014, MBI announced that the U.S. Department of Agriculture Business and Industry (B&I) Guaranteed Loan program approved a guarantee for a $10 million loan financing. The loan has been funded by Five Star Bank, and will be used to help MBI with expansions at the M3 facility that will provide additional production capacity and bring more skilled labor jobs to the region.
Currently three MBI product lines are being produced at the M3 facility: REGALIA® and REGALIA Rx®, which are biofungicides, GRANDEVO®, which is a bioinsecticide and ZEQUANOX®, which is a biomolluscicide to control invasive zebra and quagga mussels.
The grand opening event featured a plant tour highlighting the benefits of MBI's bio-based products for pest management and plant health and giving attendees a firsthand look at the updates and expansions to the production facility. Speakers at the ribbon cutting event included:
- Senator Debbie Stabenow, Chairwoman of the U.S. Senate Committee on Agriculture
- Administrator Lillian Salerno, USDA Rural Business-Cooperative Service
- Director James Turner, State Director, USDA-Rural Development
- Senator John Proos and Representative Aric Nesbitt, Michigan Senate and House of Representatives
- Mayor Nick Householder, Mayor of Bangor, Michigan
- Dr. Pamela Marrone, CEO and Founder, Marrone Bio Innovations
Speaking at the ceremony, U.S. Senator Debbie Stabenow (MI), Chairwoman of the Senate Committee on Agriculture noted, "Today's grand opening of the Marrone Michigan Manufacturing facility is great news for Southwest Michigan and our entire state. We know how to grow things and make things, so it's no surprise that MBI chose to invest right here in Michigan. It's exciting to be back at MBI and see new biobased products being manufactured that are supporting new jobs, helping our farmers and protecting our Great Lakes."
Administrator Lillian Salerno, who oversees the U.S. Department of Agriculture (USDA) Rural Business-Cooperative Service (RBS) and administers the RBS $10.7 billion guaranteed loan portfolio, highlighted the recent USDA approval of a $10 million loan guarantee to support the M3 expansion in Bangor, Michigan. Administrator Salerno added, "Bio-manufacturing facilities like the M3 plant opening we are celebrating today are instrumental to bringing high-quality, good-paying jobs to rural communities. By working together, we are showing that rural communities can compete and thrive in the growing bio-based economy."
USDA Rural Development (USDA-RD) Michigan State Director, James Turner, emphasized that the $10 million loan guarantee for the M3 project has been one of the most significant investments by the USDA-RD program in Michigan. Turner added, "Marrone Michigan Manufacturing has already added more than 20 jobs to the area," Turner said. "This project exemplifies the way we are working with entrepreneurs and communities to revitalize Michigan's rural economy."
Closing the event, MBI CEO, Dr. Pamela Marrone, thanked the City of Bangor, Van Buren County, the Michigan Economic Development Corporation, Southwest Michigan First, the U.S. Department of Agriculture and Senator Stabenow for "working so closely and collaboratively with MBI and helping to make our decision to build M3 in Southwest Michigan the right decision." Marrone added, "With today's official opening of M3, Southwest Michigan is positioned at the forefront of a growing global movement to firmly establish biologically based technologies as the foundation in agriculture, turf, ornamental and water treatment markets. As the world looks for answers to sustainably feed 9 billion people, M3 and Southwest Michigan will be providing safe, smart and effective solutions to big challenges confronting humanity and the environment."
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 market size and the results from the field trials. 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 May 15, 2014.
Please note: For additional media materials, including photos, video and sound bites from the M3 Ribbon Cutting event click here.
The photo is also available via AP PhotoExpress.
Source:Marrone Bio Innovations