French food holding company Financière Turenne Lafayette (FTL) has outlined plans to invest EUR10m (US$14m) in a new production plant, making ambient ready meals under its William Saurin brand name.

While the plant's location has not been decided, it is likely to be in Laon, in northern France. FTL already has a tinned meals plant and logistics centre in the same area.

Scheduled to open in 2012, the 7,000 sqm facility will initially have an annual output of between 6,000 and 7,000 tonnes spanning seven different dishes. Forty jobs will be created and this could increase to 80 in the longer term.

FTL has an annual turnover approaching EUR750m and owns food business including Montagne Noire meats, Panzani raviolis and Garbit couscous.