Czech food and cosmetics giant Setuza has said that it is gearing up to spend a total of CZK 150 million (€4.6m) by the end of April 2004 on the reconstruction and modernisation of its plants in Usti nad Labem and Olomouc.
Company spokeswoman, Marie Logrova, said that the first stage of the plant reconstruction in Usti nad Labem will require around CZK 18 million which will have already been invested by the end of this year. The spokeswoman also added that the company will invest a further CZK 12 million during the course of 2004 on this plant.
Further to this Setuza will spend a total of CZK 120 million on construction of a filling line for edible oils in Olomouc.
Next year, the company says it intends to construct a new high tech production facility for glycerine worth CZK 150m in Usti nad Labem.
In Usti-based plant, the company will process oil seeds and extend the production of edible oil. Currently the company employs 840 people at its Usti nad Labem plant, 300 employees in Olomouc and another 30 at Mydlovary.
In the first half of its financial year Setuza achieved a profit of CZK 14.5 million against total revenues of CZK 2.5 billion. The company was privatised back in 1992 and the majority shareholder is currently Cesky olej.