CPF plans acquisitions of two Russian companies , approves joint venture
Charoen Pokphand Foods (CPF) hopes to expand its exports through the acquisition by CPF Investment (CPFI) of two Russian companies - Russia Baltic Pork Invest ASA (RBPI) and Penza Food - for a combined equity investment of Bt4.3 billion. CPF will acquire
CPF’s board also approved a joint venture between CP Merchandising Co and CP-Meiji (which produces milk and dairy products under the Meiji and Meiji Paigen brands). CPF hopes to conclude these business acquisitions and joint-venture deals within the current third quarter, chief executive officer Adirek Sripratak said.
He added that CPF hoped the two business acquisitions and the JV would benefit its food business domestically and broaden its export base, especially in Russia, which is a very large market where demand for CPF’s products still exceeds supply.
RBPI recorded sales of Bt1.39 billion and net profit of Bt343 million last year.
Meanwhile, CP-Meiji recorded sales worth Bt5.17 billion and net profit of Bt206 million.
