The Paraguayan juice concentrate producer Industrias Citrícolas del Paraguay (ICP) has formally submitted an application for a permit to start construction of its new processing plant in Nueva Italia near the capital Asunción.
ASUNCIÓN, Paraguay, June 6, 2024 /PRNewswire-PRWeb/ -- The Paraguayan juice concentrate producer Industrias Citrícolas del Paraguay (ICP) has formally submitted an application for a permit to start construction of its new processing plant in Nueva Italia near the capital Asunción.
The preliminary work for the mega-project already began a few weeks ago, and the main part of the construction project is now due to start shortly. Once completed, the plant will be able to process over 81,000 tons of citrus fruit per year. The focus will be on orange juice concentrate, a raw material whose price has more than quadrupled in the last two years. However, grapefruit and lemons are also to be processed in the new plant.
"We are assuming that the approval process will be quick, since the city administration in Nueva Italia is more than open to our project," says Carsten Pfau, CEO of ICP. "With our new plant, we will become the city's most important employer and our factory will be one of the largest industrial plants in the country, so you could say we are knocking down open doors" the entrepreneur continues.
The German-Paraguayan investor founded ICP in 2020, with investors from Germany, Austria, and Switzerland taking a stake in the company the following year. ICP is now also preparing to go public in Paraguay and list its shares at the Asunción Stock Exchange. Carsten Pfau has hit a true homerun with the production of orange juice concentrate, proving that he has the right instincts in the agricultural industry. In view of the continuing shortage of orange juice production in Brazil, the U.S., Mexico and other major citrus producers, the prices of juice concentrate and orange juice have risen dramatically. China's continuing hunger for imports is doing the rest.
Company value quintupled
"The value of our company has increased more than fivefold since 2021, and we expect the value to increase even further after the IPO. If juice concentrate prices remain at this level, or even continue to rise, ICP will be a real dividend stock with a solid cash flow, a gold mine, so to speak," explains Carsten Pfau.
The production of juice concentrate, orange oil, orange juice and other citrus products is due to start this year at the new Nueva Italia site. Supply requests from a dozen countries have already been received before the factory is even completed. The coveted raw material is traded worldwide, and demand is rising continuously.
ICP shareholders can currently be more than satisfied.
Media Contact
Press department ICP S.A., Industrias Citricolas del Paraguay (ICP) S.A., 595 986 293 444 0, [email protected], https://inducitri.com/
SOURCE Industrias Citricolas del Paraguay (ICP) S.A.
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