Poland-based food and drink manufacturer Maspex Group is getting another cash injection from the European Investment Bank (EIB) to fund further expansion and upgrades to its production plants.

EIB is providing the firm with EUR47m (US$53m), which will be centred on investments in relatively underdeveloped regions in Poland – Lowicz, Lublin, Tychy, and Olsztynek – Romania and Bulgaria, according to a statement from the European Commission.

Maspex, which produces ready meals, processed vegetables, pasta, beverages and dietary supplements for European and international markets, received EUR60m from the EIB in 2016, again to finance the modernisation and upgrade of its facilities. Some of its brand names include Lubella, Puchatek, Caprio, Ekland and Tiger.

In Romania, the latest investment round will be funnelled into Valenii de Munte, Giurgiu and Vatra Dornei, while the town of Velingrad in Bulgaria will be another recipient. 

Rafal Gruszeczka, the chief financial officer of Maspex, said the capital will fund investments through 2021 and help improve the company’s competitiveness

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By GlobalData

“All these projects enable us to develop our production facilities and implement technologically-advanced logistics solutions, which will contribute to the increase of our storage capacity,” Gruszeczka said. “Thanks to the EIB sources our company can meet the expectations of the various European markets better and more precisely.”

The cash made available to the firm is backed by the European Fund for Strategic Investments.