Russian meat processor Cherkizovo Group has closed a deal to purchase two pig farms in the Penza and Lipetsk regions for U.S. $100 million, the company said in a statement Monday.
The group paid $19.2 million in cash for the deal and assumed the farms’ debts of $80.8 million.
The pig farms are expected to reach full capacity in 2012 and their combined output is expected to reach 25,000 tonnes of pigs in live weight. The acquisition is expected to increase the capacity of Cherkizovo Group’s pork division by almost 30% from the current level, the group said earlier.
Cherkizovo Group is one of Russia’s largest vertically integrated agricultural companies. It includes meat processing, pork, and poultry divisions.
Cherkizovo Group’s chicken and turkey products have once again been awarded the annual Product of the Year title, with flagship brands Petelinka and Pava-Pava winning two categories of the award.
Cherkizovo Group, Russia's largest meat producer, is taking part in Our Brand, an international food festival in Ufa. The Company showcased its products during a tasting session at its stand.
Cherkizovo Group, Russia's largest meat producer, continues to expand its turkey product line under Pava-Pava, one of its flagship brands. This fall, the Company has launched sales of spiced turkey filet, a perfect choice for holiday dinners.
Cherkizovo Group, Russia’s largest meat producer, has once again been praised for the high quality of its products, with the Petelinka, Cherkizovo, and Pava-Pava brands winning two gold and three silver medals at Quality Guarantee 2023.