GC Rieber Compact South Africa (Pty) Limited was established in Cape Town in 2014, and produces peanut-based nutritional products for the treatment of acute malnutrition. South Africa has been chosen as a manufacturing centre for both financial and geographical reasons: not only is the country the strongest economy in Africa and the continent’s most significant producer of consumer goods, but it also lies close to consumer markets and offers easy access to raw materials and robust infrastructure.
GC Rieber Compact plans to expand its South African subsidiary’s production of ready-to-use therapeutic foods. The new production line has been developed and designed in Norway, and will be assembled in South Africa by Norwegian engineers using components ordered from Germany.
It is the Norwegian interest in the project that has allowed Export Credit Norway to provide financing.
Export financing is available for export transactions that significantly promote Norwegian interests, including research, development and innovation
Thor-Magne Johansen, Eksportkreditt Norge
“This project has provided us with an exciting opportunity to demonstrate the breadth of our loan product range. Export financing is available for export transactions that significantly promote Norwegian interests, including research, development and innovation. GC Rieber Compact has spent seven years developing its unique production method for ready-to-use therapeutic foods, and is a market leader,” says Thor-Magne Johansen, SVP Industry and Clean Technologies.
Export Credit Norway has granted GC Rieber Compact South Africa a EUR 2.2 million SMB-B loan to fund the expansion. Ninety percent of the loan is guaranteed by GIEK, while GC Rieber Compact AS has provided a supplier’s credit for the remainder.
“Export Credit Norway is pleased to assist with financing for production equipment that will help make therapeutic foods for the world’s most needy even safer. The transaction is also an important milestone for us, as it is our first in the South African market. We look forward to realising further opportunities in South Africa and the African market in general,” says Senior Transaction Manager Caroline Goodwin.
About GC Rieber Compact:
Develops and manufactures “ready-to-use” therapeutic foods for use in disaster areas all over the world, as well as emergency lifeboat rations. Its production process incorporates heat-treatment technology to reduce bacterial contamination – a unique approach not employed by any other manufacturer for this specific purpose.
About GC Rieber:
- Founded in 1879. Since then, four generations of the Rieber family have expanded the company through both operational growth and acquisitions. Currently led by Paul-Christian Rieber.
- Head office in Bergen.
- Five operational areas: Shipping, Real Estate, Salt, Oils and Compact.
Picture: From left, Guy Baxter, Business Development Director, Compact South Africa, Kjerstin Linde, CFO, GC Rieber Compact Group, Riaan Oosthuizen, Managing Director, Compact South Africa
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Project and Loan Administration
Industry and Renewable Energy