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Brazil meat processor to invest $300 mn in China
Sao Paulo (AFP) April 11, 2011
Brazilian meat processing company Marfrig plans to invest 300 million dollars to expand its operations in China, the company said Monday in a statement.
Through its Keystone Foods subsidiary, Marfrig said it would create two joint ventures "with the goal of exploiting opportunities in the supply of food and meet the growing demand for distribution in the Chinese market."
With the Chinese company COFCO, Marfrig will set up COFCO Keystone Foods Supply Chain and invest 252 million dollars over 10 years to develop logistics and distribution systems.
At the same time, it will create Keystone-Chinwhiz Poultry Vertical Integration with poultry producer Chinwhiz to engage in processing and distribution of poultry.
The Brazilian firm said it would invest 57 million dollars through 2013 in that joint venture.
In 2010, Marfrig had before tax earnings of 1.5 billion reais (about 854 million dollars), a 107.27 percent increase over 2009.
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