Cherkizovo and Grupo Fuertes Launch Turkey Meat Joint Venture
The companies are investing RUB 4.5 billion (EUR 115 million) in the new plant, which is due to be operational in 2014 and up to full capacity in 2015.
The meat complex will be on a 5000 ha site in the Tambov region of Russia. Its annual capacity is expected to be 25–30,000 tonnes of turkey meat, which may increase to 50 000 tonnes in the medium term.
Once achieved, this would make Cherkizovo the market leader in the fast-growing Russian turkey meat market.
Sergey Mikhailov, Cherkizovo’s CEO, said: "Cherkizovo is already the largest agro industrial group in Russia, and by launching this new project with Grupo Fuertes, we will further strengthen our leading positions and provide customers with a new high quality and healthy meat product. Consumption of turkey has shown significant growth in Russia and we expect to soon be among the largest turkey suppliers in the country."
The project will be financed from Cherkizovo and Grupo Fuertes’s existing funds, and through bank loans
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