Business / Companies
Lobels resuscitates Byo industry, creates jobs
28 Oct 2014 at 06:07hrs | Views
LOBELS Zimbabwe has acquired a new production line which will increase bread production by 50 percent to 150 000 loaves per day, in Bulawayo and 42 percent to 340 000 loaves per day, a development set to create jobs both in Bulawayo and Harare.
The bakery company currently employs 910 workers in Harare and 520 in Bulawayo.
Lobels, which stopped operations in June 2011 due to working capital constraints, has since made a stunning recovery that saw it repay $14 million it owed to CBZ Bank, MetBank, FBC Bank and NMB Bank.
The consortium of local banks under the vehicle, Altiwave, now holds 100 percent shareholding of the Harare bakery and 90 percent of the Bulawayo bakery.
In an interview on the sidelines of the Zimbabwe Investment Authority investor's awards last week, Lobels chief executive Ngoni Mazango said the company has made a huge investment aimed at increasing capacity for both Bulawayo and Harare operations.
He said Lobels is reclaiming its market position with the share sitting at about 38 percent. The group is targeting a 45 percent share.
The bakery company currently employs 910 workers in Harare and 520 in Bulawayo.
Lobels, which stopped operations in June 2011 due to working capital constraints, has since made a stunning recovery that saw it repay $14 million it owed to CBZ Bank, MetBank, FBC Bank and NMB Bank.
The consortium of local banks under the vehicle, Altiwave, now holds 100 percent shareholding of the Harare bakery and 90 percent of the Bulawayo bakery.
In an interview on the sidelines of the Zimbabwe Investment Authority investor's awards last week, Lobels chief executive Ngoni Mazango said the company has made a huge investment aimed at increasing capacity for both Bulawayo and Harare operations.
He said Lobels is reclaiming its market position with the share sitting at about 38 percent. The group is targeting a 45 percent share.
Source - Herald
