The Slovenia Times

Food company plans to build EUR 100m factory near Brežice

Economy

Krško - Food company Narayan, specialising in healthy and organic food products, plans to build a EUR 100 million factory for production of plant-based food products as an alternative to meat products near the town of Brežice in the coming years. At least 500 jobs are to be created.

Narayan, which has around 120 employees at its two locations in Velika Vas near Krško and Slovenska Vas near Brežice, manufactures products for other brands and exports more than 93% of its products.

The new giant plant will be built in Slovenska Vas, where the company already has a coconut oil and syrup bottling plant. The production there is already expanding as part of a EUR 7.7 million project, which the government will support with about EUR 2.84 million.

The investment will create some 50 jobs and is to be completed in the next couple of years, Žiga Vraničar, strategic adviser to the CEO, told the STA.

The new EUR 100 million plant is part of the company's strategy of focussing on the production of plant-based food that resembles meat by appearance, texture and flavour.

Narayan sees this as the industry of the future and has been cooperating with start-ups from other countries that will provide the technology and expand in Slovenia together with Narayan.

Preparation for the construction of the 25,000-square-metre factory are in full swing and talks are under way with the government on classifying the project as a strategic investment.

Most of the funding is to be secured by foreign investors but the company is also counting on the state.

The factory, which is to be built in three years, should become fully operational in five years. At least 500 jobs should be created in the next ten years.

The company believes the project will put Slovenia on the map of plant-based diet of the future, which will reduce the climate and environmental footprint.

Narayan is a fast growing company and the fastest growing food processing firm. In 2019, its revenue reached EUR 7.2 million, rising to EUR 10.7 million in 2020 and to EUR 18.9 million last year.

In the last five years, the company recorded about 50% revenue growth. A third of its employees are people with disabilities.

In recent years, the company has focussed on coconut oil production and other coconut products, which it supplies to retail chains. It is also known for superfood products, nuts, legumes and ready-to-eat plant-based meals.

It only uses organic ingredients and its products have been certified as organic, vegan and fair trade.

Narayan is the largest Slovenia distributor of healthy food products, and has the largest organic coconut oil facility in Europe and the fourth largest in the world.

The company is present in about 30 European countries and in the US. Its products are sold in more than 70,000 shops.

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