Wednesday, 28 March 2012
PM Gets Acquainted With Corporate Development Programs
Prime Minister Tigran Sargsyan visited Euroterm Ltd to get acquainted with the development programs of this company engaged since 1998 in the fruit and vegetable processing and natural juice production sector.
Euroterm Ltd is the owner of “Noyan,” “We,” “Fiesta” and “Alpenjuice” brand names. Euroterm is a leading manufacturer and exporter in Armenia which exports about 50% of “Noyan” natural juices and nectars, 92% of jams and other canned products and finally 9% of juice concentrates. The company has sales outlets in the U.S., Ukraine, France, Germany, Turkey, Georgia, UAE and Iran.
To achieve sustainability in the procurement costs and introduce a system of quality control, the company has acquired 140 hectares of land planted with apricot, peach (10,000 pieces), cherry (4,000 pieces) trees, grape-vines (60,000 pieces), as well as a hundred nut-trees in order to set up an organic farm.
To ensure continued growth in output and export markets, the company intends to build a new fruit processing plant next to the aforementioned plot of land in Vanand community which will host a fresh tomato and fruit processing unit and other key facilities. The new facility will be able to process 350 tons of fruit and vegetables, 150 tons of concentrates or 60 tons of tomato paste daily during the year. In summer and fall, it will be possible to process 40 tons of fruits and tomatoes to get 12 thousand tons of fruit concentrates and 2 tons of tomato paste.
The whole project necessitates a USD 6,800 thousand-worth investment. The company is expected to invest USD1.7mn, with the balance of USD 5.1mn to be ensured through long-term loan funds.
Construction started in January, 2012, and is due to be completed by this May 15.
Factory lines will be imported from Italy to be installed and tested by June 20 ahead of the upcoming apricot season.
The company has turned to the government asking for deferred VAT payments on the goods imported under the projected investment program which was approved by “SME Investments” UCO in 2011 allowing for an AMD 220 million loan to be used for capital replenishment purposes.
The company has 323 employees, with AMD110-120 thousand average monthly wages.
