MOSCOW, June 3 — RIA Novosti/Prime. Moscow Bank of Sberbank of Russia has increased line of credit financing for Cherkizovo Group by 2 billion roubles to 5.8 billion roubles according to the bank’s press release.
It notes that the funds will be directed to the group’s current activities.
“We see cooperation with Cherkizovo Group as a strategic partnership and are pleased with its growth. Financing import substitution projects is one of our priority objectives,” the press release states, quoting Denis Konstantinov, Chairman of Moscow Bank of Sberbank of Russia.
He added that the recent credit limits established for Cherkizovo Group will promote expansion of Russia’s agroindustrial sector.
Cherkizovo Group is one of three largest companies serving the chicken meat, pork, and processed meat markets and is the country’s largest feed manufacturer. Igor Babaev, the founder of Cherkizovo Group, and his family control 65% of the company’s equity, and the remaining 35% is free float. Net income of Cherkizovo Group under US GAAP in 2014 increased 5.4 times to $345.7 million.
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.