Gilching, Munich, 23rd March 2011. The Executive Board of ACAZIS AG has announced that the company's own oil mill, the largest installation in the Horn of Africa, is currently being serviced and cleaned in order to resume operation.
The oil mill, which was originally built for the pressing of castor oil, will start running again for the production of edible oils. The first oil to be produced will be peanut which will be sold on the domestic market. Acazis AG's primary business, the cultivation of castor in Ethiopia, will remain unaffected. The production of edible oils will be an important milestone for Acazis AG and will consequently represent an important step in the growth of the company.
The decision to reinstate the oil mill was prompted by a resolution passed by the Ethiopian government to restrict and/or prohibit the import of various goods including edible oils due to the prevailing levels of inflation in the country. As Acazis AG's oil mill is located in Ethiopia's largest peanut-cultivation area, the company's Board of Directors together with the Management of Acazis Ethiopia Plc, the company's Ethiopian subsidiary, have decided to put the oil-mill back into operation for the pressing of peanuts.
Member of the Board of Directors, Patrick Bigger, states, "As our oil mill has been out of service, it will take approximately two to three months for the facility to start running efficiently again. This means that we can begin pressing peanuts and producing oil by the second half of 2011. We will be signing contracts with local peanut farmers to supply up to 50 tons of peanuts per day and we will be in a position to produce oil approximately 20 days per month. This will signify an output of approximately 220 tons of peanut oil monthly meaning a net financial monthly return for the company of €140.000,00. The entire peanut waste, known as 'cake', can be further utilised as fodder for livestock which will be resold by Acazis AG. We are delighted to be able to reduce the national deficit in edible oils with this project".
About the company
Acazis AG (Acazis) based in Gilching near Munich, operates in the cultivation and use of castor plants, the production of edible oils, the provision of any related services and the acquisition and management of companies and shareholding in related companies as well as the as the carrying out of Executive Board functions.
Acazis AG, Landsberger Str. 18, D-82205 Gilching
Telephone: +49 8105 778 223 0, Telefax: +49 8105 778 223 9