Posted on May, 7, 2024 at 09:21 am
Forafric Global PLC, an Africa-based agribusiness, is expanding its milling capabilities through a 10-year renewable contract to lease and operate an existing milling facility in the Meknes-Fes region of Morocco.
At 470 tonnes of soft wheat and 130 tonnes of durum, the lease is expected to increase Forafric’s total milling capacity by approximately 600 tonnes per day, the company said in its May 6 announcement.
The contract is subject to regulatory approvals and other customary closing conditions, and Forafric expects to transition operations in the third quarter of 2024. Financial terms were not disclosed.
With activities in Morocco and Sub-Saharan Africa, Forafric offers a complete range of flour and semolina and secondary processing products such as pasta and couscous. The company exports its products to more than 45 countries.
“This new contract will enable us to expand our operational footprint and crushing capacity rapidly with low capital investment,” said Saad Bendidi, chairman of Forafric. “Central to the selection of this facility was its location and state-of-the-art equipment. Furthermore, we believe we can better optimize the operations given the strength of our business and add additional value given our proven capabilities.”
Source: World Grain