BRF finalizes FFM Further Processing acquisition
Under agreement, BRF will own 70 percent of the Malaysian further processor
BRF has completed its acquisition of the majority stake of Malaysian company FFM Further Processing.
The Brazil-based meat, poultry and food company in September had announced its intent to enter an agreement with FFM Berhad to acquire 70 percent of FFM Further Processing’s shares, while FFM Berhad will continue to hold the remaining 30 percent. The conditions of the agreement have now been satisfied, according to an announcement to the market issued on October 4 and signed by Jose Alexandre Carneiro Borges, BRF chief financial and investor relations officer.
The transaction is valued at around US$16 million.
FFM Berhad is a subsidiary of PPB Group Berhad, a Malaysian conglomerate operating in various business segments in Southeast Asia. Those business segments include grains, agribusiness and consumer products.
BRF's global growth
The acquisition is in line with BRF’s strategy to grow internationally. Among recent international acquisitions announced by BRF are Alimentos Calchaqui Productos, Argentina; Eclipse Holding Cooperatief; Netherlands, Golden Foods Siam, Thailand; and Universal Meats, UK.
BRF is the second largest broiler company in the world, according to the WATTAgNet Top Poultry Companies Database, trailing only JBS. It is also the largest pig producer in Brazil and the fifth largest pig producer in the world.