Procesadora Nacional de Alimentos C.A.

repaid

The project encompasses investments that Pronaca will make in fixed assets to increase the installed capacity of its value-added food products operations, as well as to replace equipment, upgrade plant facilities, and invest in its logistical, management, and sales areas.The budget for these investments, which would be made during the period 2012-2013, is US$64 million. The IIC loan would be used primarily to finance plant investments aimed at stepping up production of the company’s frozen food and processed meat products targeted to the “base of the pyramid,” such as good quality, competitively priced meat products in small packages. These investments, which include working capital, are expected to amount to US$8 million and have been allocated in the 2012-2013 budgets. The IIC loan will support Pronaca activities aimed at shoring up its position in this market niche as well as expanding the supply of affordable, quality products for segments that have traditionally been overlooked by producer companies. Pronaca began making these investments and offering its services to this market some five years ago.Pronaca is a leader in the food products supply chain—a diversified company with a number of different business units, including a poultry and pork products production and sales unit; a balanced pet foods unit; an agricultural products—i.e., heart of palm, artichoke, rice, and corn—production unit; and a value-added products—i.e., canned and processed meats—production unit. Pronaca has been operating successfully in the Ecuadorian market for more than 50 years and has operations in other countries of the region as well, such as Colombia and, until recently, in Brazil and Costa Rica.