POLAND: Cereol to pump extra US$15m in vegetable, cooking oils subsidiary
Polish vegetable and cooking oils processor Kruszwica is to receive a cash injection of US$15m from its food-processing parent Cereol, according to Cereol's VP Evert Van Korlaar.
Korlaar explained that a large part of the investment, coming on top of US$30m already given to Kruszwica, would go towards a new refinery and bottling facility to more effectively face EU competition.
"All our investments are based on increasing capacities and efficiencies," he told reporters, adding that the company should end up with one of the most modern plants in Europe.
Korlaar warned however that increasing efficiencies means further lay-offs in the company's H2, as well as new facilities. Currently, the company employs 720 workers.
Kruszwica recently signed a deal worth PLN 90m-a-year (US$22.2m) with Unilever Polska to transfer sales of its consumer margarine product to the local arm of the Anglo-Dutch consumer products giant while retaining production.
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