Algaia to expand algae extracts manufacturing facility in France

Algaia’s main shareholder Maabarot Products has provided equity funding to support the further expansion of the its production facility and innovation centre in Saint-Lo, Normandy, France.

Algaia plans to use the €4m equity package to accelerate development and install a new seaweed extract production unit at its manufacturing plant in Lannilis, Brittany, France, which is dedicated to the production of specialised algae extracts.

Algaia CEO Fabrice Bohin said: “We are expanding both our portfolio and our geographical presence.

“Innovative products and technologies are currently being developed for launch in the coming months.

“We also are strengthening our positions in the Americas where, as in Europe, we identified a growing interest in marine-derived ingredients.

“We are pleased to see our shareholders committed to Algaia’s growth plans and we look forward to continuing our growth, both organically and via acquisition of specialty marine-based companies.”

Algaia intends to install a new specialised algae extract production line in the near future, which will be based on innovative technologies that have been developed over the past three years.

Maabarot Products chairman Eyal Shalmon said: “We are pleased with the rapid growth of Algaia. We continue to strive to position Algaia as a leader in the algae extracts market.”

Maabarot was originally established in 1963 and specialises in the provision of health and nutrition products for the dietary supplements, functional food and beverage markets.

The company currently employs a workforce of more than 500 personnel worldwide.

Maabarot is primarily focused on the development, manufacture and supply of safe and advanced nutrition and health products.