Frozen food company Cuisine Solutions has acquired a new production facility in Le Pertre, France, costing EUR1.5m (US$1.9m).
It plans to close the transaction, which is completely bank financed, around 15 May 2006.
Cuisine Solutions CEO Stanislas Vilgrain said: “This was an exceptional opportunity for organic growth and for us to expand our production and freezer capacity that could not be passed up.
“At an extremely low cost, we can utilise the existing food grade facility to immediately triple our freezer storage capacity in France as well as to begin production of new products as early as September. This plant will also eventually allow us to triple our current European production capacity.”
Cuisine Solutions also completed an agreement on 20 April 2006 with investors Credit Industriel de Normandie to borrow EUR600,000 for the purchase of production equipment for 47,000 square feet facility.
“In addition to producing the current French product line, the new facility will allow us to produce wrapped items such as the Wellington and En Croute items which are now produced only in the US, as well as other premium products we plan to announce in September,” added Jerome Lebec Cuisine Solutions’ French general manager.