Belgium: EIB signs loan deal with Puratos
With more than 70 years of expertise in producing and delivering ready-to-use mixes and toppings, Pennant Ingredients, located in Rochester, New York, generates more than 70 million dollars in sales
and employs 100 people will allow Puratos to sustain its key R&D activities, fostering innovation and reinforcing its leading position in a competitive market.
R&D at the core
Originally founded in Brussels in 1919, Puratos is active in over 100 countries and employs approximately 7.000 people globally – including 800 R&D researchers and technical advisors. The
family-owned group invests 2.5% of its revenues in R&D, which has always played a key role at Puratos starting in the 1960’s with the differentiation of ingredients for bakery. Over the last years
Puratos obtained substantial results with its R&D programs, such as leveraging the intrinsic qualities of natural raw materials.
Recent developments are the use of fermentation technology and functionalizing fruit fractions obtained through minimal processing. The R&D activities are predominantly carried out in the main
research centre of Puratos located in Groot-Bijgaarden near Brussels, Belgium.
Daniel Malcorps, CEO of Puratos, declared: “As a visionary leader, Puratos has developed ambitious R&D programmes over the years to enhance the quality, the taste and the nutritional value of its products according to the evolving needs and expectations of consumers and customers. With this loan, the EIB has become a knowledgeable partner in Puratos’ financing strategy, stimulating the Group’s ambitious R&D activities, especially in Europe. It will therefore open new opportunities for Puratos such as the further development of our product offer, the international growth of the business and the reinforcement of our pioneer role in the sector.”
A loan reflecting Puratos’ ambition and commitment
The EIB loan will finance Puratos’ RDI programme in the areas of nutrition, food processing, shelf life extension and improved food ingredients. More specifically, the R&D activities that will be carried
out will ensure the development of new fermentation based products and tasty, nutritious functional ingredients for the bakery, patisserie and chocolate sector. This operation is the second loan in favour of the Group and is the continuation of the RDI programme carried out in 2012-2015.
EIB Vice-President Van Ballekom commented on the signing saying: “Puratos is a fine example of the pioneering business fabric that Belgium is made of. This operation is all the more important since it
will be sustaining home-grown innovation that is world-leading in its sector. To fill the innovation gap we currently see compared to other continents, companies like Puratos are on the forefront and deserve our full support. This investment is moreover an example of our increased support to agrifood companies in Europe, with agriculture being a key sector for the EIB.”
The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to
contribute towards EU policy goals. In Belgium alone, the EIB made available more than EUR 2,1 billion in loans over the course of 2015.
