Italpizza has secured financing from a number of local banks as the frozen pizza maker seeks to boost production at three of its Italian plants.
The €58m ($65.8m) funding was provided by UniCredit, Banco BPM, BPER, and Cassa Depositi e Prestiti over a tenure of ten years, according to a statement.
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The three sites that will receive the funds are the company’s Modena, Castelbelforte and Mortara factories.
Italpizza said the investment plan aims to increase total production capacity to 575 million frozen pizzas a year in 2028, from around 460m currently, including its own brands and those for private-label customers.
The company said the investment in capacity aims to support its “industrial growth and competitive positioning” in the domestic market and abroad. It will contribute to developing a “cutting-edge industrial model, capable of responding more promptly to the needs of the market and the most advanced technological standards”.
The project will include building a logistics hub aimed at “optimising” local and international distribution and supporting the company’s growth, it said.
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By GlobalDataAndrea Bondioli, managing director of Italpizza Group, thanked the investing banks for “showing full confidence in our industrial development plan”.
Bondioli added: “This financing is part of our group’s broader growth and development strategy: it will enable us to guarantee the financial resources to support all planned strategic advances, always devoting special attention to the issue of research and development.”
Andrea Burchi, UniCredit’s north central regional manager, said: “Supporting companies in our area in developing an increasingly competitive and sustainability-conscious business means accelerating the process of creating value now, and in the future, for the production system and communities.”
Burchi said one of the reasons the bank supports ItalPizza is that it is a main player in the frozen food sector.
Founded in 1991, the Italpizza Group is headquartered in San Donnino in the Modena area of Italy. It has an annual turnover of €430m, with 60% generated from overseas in 58 markets.
The company operates seven production facilities, with five dedicated to frozen pizza and employs around 1,800 people.
