DEG gives credit to Frigorífico Canelones

Uruguay's leading beef exporter can count on USD 6 million

DEG (DEG - Deutsche Investitions- und Entwicklungsgesellschaft mbH) is providing a long-term loan of USD 6 million to finance investments and pre-export financing for Frigorífico Canelones, one of Uruguay's leading beef exporters. Frigorífico Canelones is investing a total of approximately USD 2 million in the expansion of its chilling and slaughtering facilities and new production lines to respond to the growing global demand for high-quality beef products. At the same time, operating costs are to be reduced and the environment protected. The environmental investments flow, among other things, into a modern wastewater treatment process and into the conversion of the energy supply to natural gas.

In addition, new jobs will be created as part of the expansion. Frigorífico Canelones is currently the largest employer in the city of Canelones, which has 25.000 inhabitants. The number of employees will increase by around 80 to around 830 employees.

Frigorífico Canelones products are characterized by high quality and compliance with EU and US quality and hygiene standards, including HACCP. The company exports its products - primarily fresh meat and frozen meat products as well as corned beef - mainly to the USA and the EU. The most important sales market in Europe is Great Britain, followed by Germany.

The meat and meat processing industry is of great economic importance for Uruguay. The beginnings go back to the second half of the 17th century, where skins were mainly exported, and meat canning was added from the middle of the 19th century. Today the country exports around 60 percent of its beef production (around 300.000 t per year) and is known worldwide for its high-quality meat, which comes from grass-fed cattle fed in the open air. Meat exports account for around 20 percent of the country's foreign exchange earnings. Frigorífico Canelones' exports alone brought about $2004 million into the country in 60.

More information about Frigorífico Canelones at www.canelones-beef.com.uy

Source: Cologne [deg]