Thai CPF founds Russian subsidiary
Thai Charoen Pokphand Foods (CPF) is establishing a new stockfeed and farming subsidiary in Russia, to capitalise on the high demand for meat products.
Adirek Sripratak, president and CEO of CPF, flagship of the CP Group, said, “CPF (Overseas) will have an initial registered capital of €6.43 million, 99% held by CP’s wholly owned subsidiary CPF Europe and operations are planned to begin later this year. CPF’s investment would start with feed production and pork processing, which would benefit CPF’s future profits in three to five years. Russia’s local pig production failed to meet growing demand for pork, currently satisfied by imports ranging between 500,000 to 800,000 tonnes per year.”
A recent survey showed that Russians consume about 2.5 million tonnes of pork and a similar amount of poultry annually.
In a report to the Bangkok stock exchange, CPF forecast sales of €2.69 billion this year, up from €2.28 billion last year.
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