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Russian processor goes on a shopping spree
RUSSIA - Russian integrated meat processing and farming group, Cherkizovo, is expanding aggressively with plans to buy two poultry plants and build five pig complexes in Russia.
Negotiations are currently going on to acquire the plants, the company said in its quarterly reports.
Cherkizovo plans to build two poultry plants with similar capacity to its two existing plants. It would also boost production at each existing plant to 45,000 tonnes a year. Cherkizovo has about 2.4 percent market share in Russia.
Cherkizovo plans to build four pork facilities in the Lipetsk region and overhaul a pig facility in the Vologda region.
Plans are also afoot to purchase land in Russia to build new pig farms and processing complexes.
The Cherkizovo Group was formed in 2005 and owns eight meat-processing companies, four pig complexes, two poultry farms, a feed plant, and two trading houses with branches in 12 Russian cities.
The company enjoyed sales of US$546 million in 2005 and profits amounted to US$17.1 million. The group recently raised US$251 million in an IPO on the London Stock Exchange to fund its expansion.
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