KYIV. April 27 (Interfax-Ukraine) – Agrofusion Group, the largest Ukrainian vertically integrated producer of tomato paste, plans to implement an investment project worth a total of UAH 1.5 billion to build a plant for tomato processing.
According to a report on the website of Snihurivka District Administration (Mykolaiv region), with reference to holding representative Ivan Shulha, the project will be implemented in this district. The plant will employ more than 300 people, while 700 people will work in a greenhouse and in the field.
Agrofusion Group did not specify the details of building the new enterprise.
As reported, the International Finance Corporation (IFC) of the World Bank Group could issue $10 million to Agrofusion Group to finance working capital. These funds will enable Agrofusion to refinance the existing short-term credit lines issued from local banks for a total of $4.3 million, finance working capital for $5.7 million, which is due to increased production. In addition, the holding will be able to strengthen its position in the Ukrainian market, expand exports to the countries of Central Europe and the CIS (except for the Russian Federation).
Agrofusion Group in 2014 reached its maximum production of 52,778 tonnes of tomato paste, in 2015 it expanded its capabilities through investment, reaching a figure of 61,500 tonnes.
Agrofusion Group, founded by Serhiy Sypko in 2007, has been an IFC client since 2012.
