SAN LORENZO, ARGENTINA — Molinos Rio de la Plata will be investing 1 billion Argentinean pesos ($70 million) to expand its soybean operations in San Lorenzo, Santa Fe, Argentina. 

Marcos Peña, Argentina’s cabinet chief, made the announcement at a press conference on April 29 in Santa Fe. 

Molinos is Argentina’s largest branded food products company and one of the nation’s main exporters of bottled oil. It producers a wide range of packaged foods including bottled oil, margarine, pasta, premixes, packaged flours, rice and frozen foods.

The investment will expand storage for soybeans and soybean meal, enhance cereals operation  and increase annual processing  to 6 million tonnes of oilseeds and 2 million tonnes of grain exports. 

Molinos is investing an additional 50 million pesos in working capital. The additional investment will be used to improve logistics and add space for processing and handling grain exports. 

Argentinean officials said the investment comes from new government policies designed to promote economic growth in Argentina.

Work on the facility will begin in three months. It is estimated that it will take approximately two years to complete and employ 1,100 people at its peak. 

The San Lorenzo plant was opened in 1991.