Business
Forafric, a Leading African Agribusiness, Teams with Alapala to Nearly Double Wheat and Durum Processing Capacity
CASABLANCA, Morocco--(BUSINESS WIRE)-- Forafric Global PLC (Nasdaq: AFRI, or “Forafric”), a vertically integrated agribusiness serving Africa, today
About this update from Forafric Global Plc
[{"type":"text","content":" CASABLANCA, Morocco--(BUSINESS WIRE)--\nForafric Global PLC (Nasdaq: AFRI, or “Forafric”), a vertically integrated agribusiness serving Africa, today announced that its fully-owned subsidiary, Forafric Maroc, has entered into an agreement with Alapala Foreign Trade LLC (“ALAPALA”) to expand existing mills and construct new mills to significantly increase its wheat and durum processing capacity.\n\nUnder the terms of the agreement, ALAPALA will extend three of Forafric Maroc’s existing mills and construct three new mills. This expansion is expected to increase wheat and durum processing capacity by 2.370 metric tons per 24 hours over the next 30 months. Forafric Maroc’s present crushing capacity represents 2.420 metric tons per day. The global cost of this expansion, including all components, buildings, equipment and working capital is approximately one billion Moroccan Dirhams (~US$101 million).\n\nMustapha Jamal Eddine, Forafric Maroc CEO, commented, “We have improved our processes, lowered our cost basis and increased market penetration over the last four years. Teaming with ALAPALA will enable us to significantly increase output and take our business to the next level. Leveraging synergies will help us to further lower our cost basis and provides an entry into the dynamic Moroccan market.”\n\nGorkem Alapala, Vice Chairman of the Board of ALAPALA Holdings, commented, “We are pleased to have the opportunity to work with Forafric Maroc on its program to enter a new market and significantly increase its production output. Together we will deploy our innovative technology to further develop the milling industry in Morocco.”\n\nAbout Alapala Foreign Trade LLC\n\nFounded in 2003, Alapala Foreign Trade exports machinery for Alapala, MS Italia and Henry Simon as well as silo and handling equipment. Alapala Foreign Trade also exports flour and pasta to mainly the Africa continent.\n\nALAPALA is a leader in the global milling industry with an impressive history of successfully completing more than 700 mills across the globe.\n\nAbout Forafric\n\nForafric is a leading agribusiness player in Africa with activities in Morocco and Sub-Saharan Africa. It is the milling industry leader with a complete range of flour and semolina, and secondary processing products such as pasta and couscous. The Group operates 12 industrial units, and 2 logis...