De Cecco Group, the branded pasta and sauces maker in Italy, plans to invest EUR70m (US$84.7m) across its plant network over the next five years to increase production capacity.
As part of a new strategic initiative covering 2021 to 2025, the investment will create 60 jobs and support De Cecco’s growth targets. DeCecco is eyeing a more than 25% rise in turnover between 2020, when turnover is estimated to be more than EUR510m, to EUR650m in 2025.
The company’s pasta facility in the town of Caldari di Ortona, in Chieti province, will be the recipient of EUR40m – EUR30m for new machinery and EUR10m to extend the plant by 10,000 square metres.
A further EUR10m will be invested in the company’s Fara San Martino factory in the same province for new machinery, and another EUR20m to support production of extra virgin olive oil.
The funding, partly financed by Italian and foreign banks, will see pasta production increase from 200,000 tons to 250,000 tons.
And for other products – olive oil, sauces and bread snacks – capacity will rise from 30,000 tons to 50,000 tons.
Around 30 news hires will be taken on next year, and the same number over the following three years, the company said.