Under the joint venture Lamex Agrifoods, a wholly owned subsidiary of Lamex Food Group, will act in partnership with Alterra on worldwide sales and logistics from July 2013 onwards. The financial terms of the deal have not been disclosed.
Expansion plans
Phil Wallace, CEO, Lamex said Alterra had been a preferred supplier to Lamex for many years so it was familiar with the business and its annual production has grown to over 15,000 tons per year, with additional expansion plans for 2013.
“Alterra has grown significantly but, like many in the sector, they found the continual increase in the cost of raw material and lack of available finance a challenge. Lamex’s financial strength, supported by our sales, logistics and technical skills will help change these issues,” he said.
Logical step
This is the second investment for Lamex after it acquired a stake in Serbian red fruit processor Mondi Serbia, in April this year.
Wallace added that it was a ‘logical step’ in a chain of carefully planned investments in processing.
“These partnerships seek to secure sales and protect the supply chain for Lamex’s long term manufacturing customers around the world, in addition to adding new customers from increased production,” he said.
Alterra was formed in 2002 and opened a fruit and vegetable processing factory in Giannitsa, Pella in 2005.