BRF invests US$19 million in Singapore venture
BRF reaches agreement with Singapore Food Industries that forms SATS BRF Food
Brazil-based meat and poultry company BRF, the world’s largest exporter of poultry meat and the seventh-largest food company in the world by revenue, has invested US$19 million in a new venture to run meat processing facilities in Singapore.
Its investment gives it a 49 percent stake in SATS BRF Food Pte Ltd, with Singapore Food Industries as the majority partner in the joint venture. The formation of SATS BRF Food will create a food distribution and meat processing business that offers branded products initially for the Singapore market and later also for other parts of Southeast Asia.
Singapore Food Industries is a wholly owned subsidiary of SATS Ltd of Singapore, which operates airport logistics and catering services in the region.
The transaction due to be completed in early May 2015 involves a transfer of operations from Singapore Food Industries, including two meat processing plants. The transaction is in line with BRF‘s strategic plan of globalizing the company by means of reaching local markets, strengthening BRF‘s brands and distributing and expanding its product portfolio around the globe, the Brazilian company stated.
Formerly known as Brasil Foods, BRF processes 1.83 billion birds annually, according to the WATT Global Media Top Companies Database. The company’s key product categories include chicken, turkey and pork.