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Investment

Peñaflor group will invest USD 91 million in Argentina

October 24, 2012 | in Latest news, News

The company presented the progress of its investment plan, which has been put into action in the country for the 2012-2016 period.

The main wine-exporting group in Argentina, garnering overall net sales of USD 441 million a year and annual exports of USD 165 million to 95 countries all over the world, is investing USD 91 million as part of its 2012-2016 Strategic Plan. The outlay is being made completely in Mendoza, Buenos Aires, San Juan, Salta, and Catamarca, reaching a record high in its history.

According to a press release “the Strategic Plan anticipates expanding the growth in both domestic and foreign markets, with a significant boost of exports from Argentina to Asian countries, Brazil, and United States.”

In order to accomplish this objective, the outlay of USD 91 million is distributed as follows:

- USD 25 million in expanding the capacity of stainless steel tanks and cold capacity, equipments and installations for wineries, and wine production.

- USD 24 million destined to a planting of new 462 hectares, machineries and equipments for estates.

- USD 12 million for acquiring French and American oak barrels.

- USD 25 million invested in equipment of quality control, warehouse for supplies and finished products, logistical centers and bottling lines.

- USD 5 million in technology and systems.

“Of this total amount of USD 91 million, the first part of the investment amounting to USD 23 million, is almost finished, expecting to reach the sum of USD 40 million at the end of 2013, 43% of the total promised,” according to the Peñaflor group.

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