CPF moves into the Philippines
Thai agro-business giant Charoen Pokphand Foods has
announced to set up a subsidiary company in the Philippines.
CPF, the flagship of Charoen Pokphand Group and Thailands biggest
agribusiness and food conglomerate, moves to the islands to put up a company
with livestock and aquaculture operations.
letter to the Thai stock exchange CPF said it would invest approximately 37
million baht (€866,000) for its new subsidiary, to be called CPF
The new company in the Philippines, a country with over
70 million inhabitants, will be set up by the second quarter of the
In a statement on the company's
website, CPF president and chief executive Adirek Sripratak called the
Philippines 'an upcoming market'.
"We chose Cebu which is one of the
country's economic zones to start our fry shrimp business, so we can encourage
our shrimp feed that have been exported to the market for a
"However, we are estimating an opportunity to develop other
feed and animal breeding businesses in the future," he added.
year, the company announced to move into Russia and into
In Thailand, CPF is the biggest pork
integrator with feed mills, farms and slaughterhouses all over the country. The
company is also strong in neighbouring Vietnam and has investments in Turkey,
the US, the EU, Malaysia, Vietnam, India and China.
Last year, the firm saw a 63%
decline in net income to 2.51 billion baht (€59 million) from 6.75 billion baht
(€158 million) due to lower prices of meat and avian influenza
outbreaks in Thailand and Turkey.
â€¢ Charoen Pokphand
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