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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