Cherkizovo’s Capital Expenditure to Reach 7.5 billion Rubles23 December 2013
RUSSIA - Russian integrated meat processor Cherkizovo Group will see its 2014 capital expenditure reach around around 7.5 Billion Rubles.
CEO, Sergey Mikhailov, made the announcement during a meeting with analysts from the largest investment banks.
He said that the bulk of the investment sum, 5 billion rubles, will be dedicated to development of poultry production; of that amount, 3.7 billion rubles are earmarked for new projects.
Capital expenditures on developing pork production are projected at 1 billion rubles, and 700–730 million rubles will go toward meat processing.
Mr. Mikhailov said that the money will be directed to supporting manufacturing as well as implementing a new project.
Around 350 million rubles will be devoted to grain production.
Of that amount, 150 million rubles will be spent on expanding the land bank.
According to Mr. Mikhailov, by the end of the third quarter of 2013, the company’s capital investment amounted to more than 3.5 billion rubles.
TheMeatSite News Desk