Soy firm to invest US$66 million in Arinos, Brazil

Marins Paolillo Agroindústria will open a soy chaff and degummed soyoil plant in Minas Gerais state amounting to US$66 million, which will be ready by 2011.

A protocol of intentions was signed last Friday (June 18) by the chairman of the Minas Gerais Integrated Development Institute (Indi), Adriano Magalhães, and the director of Marins Paolillo Agroindústria, Laura Marins Paolillo. The city that will host the project is located in the Northeast of the state. It was developed by students and professors at the Federal University of Viçosa and then acquired by the company.

According to Laura Marins Paolillo, the soy should be purchased in the region itself. The company should initially crush 400 tonnes a day, which may rise to 600 tonnes a day starting in the third year. The oil output should be 24 million litres per year.

According to information disclosed by the government of the state of Minas, the company is going to create 120 direct and 53 indirect jobs. Construction should start this year and end in 2011. Initial revenues should be 118 million reals (US$66 million), and may reach 178 million reals (US$100 million) by 2013.