U.S. MULTINATIONAL BUYS CITRUS COMPANY AND FORESEES MILLIONAIRE INVESTMENTS
After the auction of the Caputto company, the multinational Frutura obtained the assets, praising the profitability of this type of millionaire investments in Uruguay.
The US company Frutura, which bid for the assets of Citrícolas Salteña (Caputto), is the new owner of the brand's assets and plans to invest millions of dollars to expand its production, strengthen varietal reconversion, improve chain processes and expand its range of products.
According to the Uruguayan newspaper El Observador, Frutura is committed to invest in all the links of the company in order to improve and make processes more efficient in an estimated time of 2 years. To this end, they will allocate approximately 10 million dollars.
Frutura's CEO in Uruguay, Alejandro Buratovich, who has extensive experience in the industry, highlighted in an interview with the media the good predisposition and facilities offered by Uruguay for this type of millionaire investments. He also acknowledged that the country is very profitable for the sector as it offers certain natural conditions due to its location, which in other large producing regions must be assisted.
Regarding the products harvested in Uruguay, he emphasized that in some cases, such as mandarins, these products are well established and well received in large markets such as the U.S. market, which is positioned first against major competitors such as Peru or Chile.
"Uruguay started selling that variety in 2014 in the United States and after a learning period in the last two years, it took a greater prominence. Today Uruguayan fruit is very well regarded in that market," Buratovich told El Observador.
The Salta giant was acquired with some 3,500 hectares of which 1,500 were destined for varietal reconversion. The company has an industrial plant for fresh fruit packaging and another one for juices of 26 thousand square meters. To carry out all this it employs more than 1,000 direct and 1,000 indirect employees.
Buratovich stressed the importance of the support of Banco de la República Oriental del Uruguay and the pre-approval of the millionaire loan necessary for this purchase. Prior to the purchase of Caputto, the state-owned bank communicated that it was willing to provide a special line for bidders, an action that demonstrates the country's flexibility and predisposition to attend international investments.
Source: El Observador