LT Foods Expands UK Operations with £50 Million InvestmentLT Foods Expands UK Operations with £50 Million Investment LT Foods Ltd. announced a significant expansion of its operations in the United Kingdom with the opening of a new rice production facility in Harlow. The move is expected to boost the company’s presence in the £1 billion national market for rice and rice-based foods. The state-of-the-art facility, built through LT Foods UK Ltd., aims to meet the growing demand for authentic and high-quality rice products in the UK. The company has committed to an initial investment of £7 million and plans to invest up to £50 million in the coming years. Strategically located on a 1,00,000 square foot site, the Harlow facility will offer both branded and private label products. LT Foods anticipates annual sales of approximately £50 million in the next two years and up to £100 million over the following five years. The company has established partnerships with four leading UK retailers and intends to expand its network further. The facility will also create employment opportunities for local talent. The factory has a production capacity of 60,000 tons of rice per year, with the potential for further expansion in the future. Shares of LT Foods Ltd. surged over 6% on Friday following the announcement. The stock has gained 44% year-to-date and has doubled in value over the past 12 months.
Shares of LT Foods Ltd. rose more than 6% on Friday after the company announced it is expanding its operations in the United Kingdom with the opening of a new rice production facility in the United Kingdom.
The new facility was launched to tap the £1 billion national market for rice and rice-based foods.
LT Foods has opened a new, state-of-the-art manufacturing facility in the UK through its subsidiary LT Foods UK Ltd.
With the latest facility, LT Foods aims to meet the growing demand for authentic and high-quality rice and rice-based food products in the UK.
LT Foods has made an initial investment of £7 million in the aforementioned new UK facility and has committed to investing up to a further £50 million in the coming years.
The newly established facility is located in Harlow and spans over 1,00,000 square feet, giving the unit a strategic advantage in terms of location. This facility is set to offer both branded and private label products, the company said.
LT Foods expects to generate annual sales of approximately £50 million through the Harlow site over the next two years, and up to £100 million over the next five years.
LT Foods has already established partnerships with four leading retailers in the UK and plans to scale this number further. It will also provide employment opportunities to the country’s local talent.
The production capacity of the factory is 60,000 tons of rice per year and can further increase in the coming years.
Shares of LT Foods Ltd. are trading 3.9% higher at ₹291.45. The stock is up 44% so far in 2024. In the past 12 months, LT Foods shares have doubled in value and gained 124%.
