The European Investment Bank (EIB) has agreed to provide €47m to support expansion, upgrading and modernisation of Maspex Group’s food and drinks production and storage facilities. Factories in Łowicz, Lublin, Tychy, and Olsztynek (Poland), Valenii de Munte, Giurgiu and Vatra Dornei (Romania), as well as Velingrad (Bulgaria) will benefit from the new investment.
The new support following successful cooperation between the EIB bank and the Maspex Group in Poland. In 2016 the EIB provided a €60m loan to upgrade and modernize of food and drinks production, logistics and storage facilities.
European Commissioner for Regional Policy Corina Crețu said: “With this agreement, the Juncker Plan demonstrates once again its ability to bring more cohesion in our Union. With this €47 million loan to support the modernisation of Maspex’s production, the EU invests in those regions that need to catch up, helping them create jobs and grow.”
“New investment in the food sector is crucial to continually enhance products and improve manufacturing. The EIB is pleased to support new investment by the Maspex Group across the region that will strengthen employment and economic activity across three countries.” said EIB Vice-President Andrew McDowell.
Rafał Gruszeczka, CFO of Maspex Group stated: “Maspex Group continues the program of strategic investments in Poland (our home market), as well as in Bulgaria and Romania (our second market of importance). The new EIB financing will cover investments in 2018-2021 in Łowicz, Lublin, Tychy, Olsztynek and in three locations in Romania (plants in Valeni de Munte, Vatra Dornei, Giurgiu) and one location in Bulgaria (Velingrad). All these projects enable us to develop our production facilities, implement technologically advanced logistics solutions, which will contribute to the increase of our storage capacity. We are very glad that the cooperation with the EIB allows us to improve our competitiveness. Thanks to the EIB sources our company can meet the expectations of the various European markets better and more precisely.”
The agreement is backed by the European Fund for Strategic Investments (EFSI), the heart of the Investment Plan for Europe, also known as “Juncker Plan”. In its framework the EU bank and the European Commission cooperate to increase the EIB’s risk bearing capacity and, thus improves its product offer and enhances the impact the project can achieve.
The European Investment Bank (EIB) is the European Union’s bank. It is the long-term lending institution of the EU and is the only bank owned by and representing the interests of the European Union Member States. It makes long-term finance available for sound investments in order to contribute towards EU policy goals. The EIB works closely with other EU institutions to implement EU policy. As the world’s largest multilateral borrower and lender by volume, the EIB provides finance and expertise for sound and sustainable investment projects which contribute to furthering EU policy objectives. More than 90% of EIB activity is focused on Europe but the Bank also supports the EU’s external and development policies.
Maspex is the market leader in the production of juices, nectars and soft drinks in Poland, the Czech Republic and Slovakia and the main producer in Hungary, Romania, Bulgaria and Lithuania. It is also the leading producer of instant products (cappuccino, cocoa, coffee creamer, instant tea) in Central and Eastern Europe. Moreover, it is the leader on the pasta market in Poland and the main manufacturer in Romania. The Group is market leading in jams, ketchups and sauces and is one of the leading manufacturers in the segment of ready meals and processed vegetables in Poland. Furthermore, the company is a leading player in the water market in Romania.
About the Investment Plan for Europe
The Investment Plan for Europe, known as the Juncker Plan, is one of the European Commission’s top priorities. It focuses on boosting investment to generate jobs and growth by making smarter use of new and existing financial resources, removing obstacles to investment, and providing visibility and technical assistance to investment projects.
The European Fund for Strategic Investments (EFSI) is the main pillar of the Juncker Plan and provides first loss guarantees, enabling the EIB to invest in more projects that often come with greater risks. EFSI has already yielded tangible results. The projects and agreements approved for financing under EFSI are expected to mobilise about €390 billion in investments and support some 929 000 SMEs in the 28 EU countries.
More information on the results of the Investment Plan for Europe is available here.