VTB Bank opened a credit line to Lamb Weston Meijer, a leading producer of French fries in Russia, with a limit of RUB 11 billion for up to 8 years. The funds are intended to finance the construction of a second production line at the company's plant in the Lipetsk special economic zone. Financing was provided under the preferential program of the Ministry of Agriculture of Russia.
Commissioning of the project is scheduled for early 2023. The result will be more than a twofold expansion of the plant's capacities for processing and production of frozen potatoes - from 100 to 225 thousand tons of products per year. The expansion will allow the company to master a new direction - the production of potato flakes. The total investment in construction will amount to over 13 billion rubles.
“The implementation of our project will make it possible to make an additional contribution to the development of the region's industry in general and agricultural producers in the Lipetsk region, in particular. Every year we buy more than 250 thousand tons of potatoes from local farmers, and taking into account the new two lines, this figure will grow to 500 thousand tons. The number of jobs will be increased to 600 staff units. We are glad that VTB is providing us with financial support, and we appreciate our partnership, which has been going on for more than four years, ”said Irina Van den Berg, General Director of LVM RUS LLC.