Econostrum | Economic News in the Mediterranean

Tunisian processed cheese manufacturer Land'Or finances the strengthening of its production capacity

Written by Frédéric Dubessy on Wednesday, September 2nd 2020 à 18:26 | Read 401 times

Land'Or benefits from the EBRD's Blue Ribbon program since February 2020 (photo: EBRD)
Land'Or benefits from the EBRD's Blue Ribbon program since February 2020 (photo: EBRD)
TUNISIA / MOROCCO. Land'Or, one of Tunisia's leading processed cheese manufacturers (30% market share) is preparing to purchase new machinery to increase the production capacity of its Tunisian plant. It will also invest in improving industrial standards, productivity, quality and safety.

To accompany it in this operation, the company will benefit from the financial support of the European Bank for Reconstruction and Development (EBRD) which granted it, Wednesday, September 2, 2020, a loan of € 10.9 million covering both activities in Tunisia and Morocco. Since February 2020, the company has benefited from the EBRD's Blue Ribbon program dedicated to high-potential SMEs.

10 million Tunisian dinars (€3.1 million) will go to the Tunisian plant. The Moroccan subsidiary, Land'Or Maroc Industries (LMI), will receive MAD 82.2 million (€7.8 million) to finalize the acquisition and installation of new equipment in its new cheese manufacturing plant. Announced in May 2019 and operational by the end of 2021 after an investment of 10.7 M€ (60% of which will be in equity), it will be built in Kenitra, north of Rabat, on a surface area of 3,300 m² and a 1.3 hectare plot of land. With 102 employees, it will have an annual capacity of 5,000 tons of fresh, processed and canned cheese. This unit will also produce new products and new packaging designed to increase export potential, mainly in sub-Saharan Africa. Its projected sales are estimated at €7.5 million in 2022 and €10.4 million in 2025. The Moroccan market already represents 28% of Land'Or's turnover.

Created in 1994, the food-processing group Land'Or realized in 2019 a turnover of 110.93 million dinars (34.47 M€) for a net result of 4 663 million dinars (1.44 M€). Chaired by Hatem Denguezli, it is mainly owned by Land'Or Holding (57.77%) and the Maghreb Private Equity Fund IV LLC of Africinvest (21.59%). Land'Or designs, produces and distributes a wide range of products for mass consumption and catering. It is present in the Maghreb and the Middle East.


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