Ignacio Noel is Comercial del Plata’s number one and owner of Morixe
the American Weston Lambwith which he had collaborated in 2019 Silver Trading Company (SCP) in equal parts to develop frozen potato tradehe kept 40% of the company which was in the hands of the Argentine company led by Ignacio Noel.
now scp will only have a 10% residue in the called company Weston Lamb Modern Food.
“It should be noted that in addition to (the sale operation) a purchase and sale option contract was signed for the remaining 10% stake in the share capital of Lamb Weston Alimentos Modernos”, reads the letter sent by SCP to the Stock Exchange.
“This option can be exercised by either party beginning in July 2025 for the sum of US $ 10.5 million, plus 3% annual interest accrued from the date of the date,” the note adds.
SCP did not mention how much Lamb Weston will pay for the 40% joint venture. For their part (50%) they had paid $ 31.6 million in 2019.
Last March, Lamb and SCP met with then-Minister of Productive Development Matías Kulfas to announce an investment of 200 million dollars to build Mar del Plata a plant for the production of pre-fried potatoes, mashed potatoes and frozen potato starch.
At that meeting, the entrepreneurs obtained the first certificate of the Export Investment Promotion Regime, intended for projects involving investments exceeding US $ 100 million and giving the opportunity to access a percentage of the foreign currency obtained through the same investment project.
According to the business plan, the investment implies the creation of between 150 and 200 direct jobs. 90% of the production will be exported, with an income projection of foreign currency of US $ 50 million in 2024up to US $ 114 million in 2029.
The construction period of the plant is 18 months and the commissioning is expected by the end of 2023.
Lamb Weston occupies the ranked # 1 in frozen potato production in the United States and second place worldwide. Worldwide it employs more than 7,800 people.
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Source: Clarin
