SINGAPORE - Brazilian meat and food processing giant BRF has formed a joint venture with Singapore Food Industries Pte. Ltd.
Through its subsidiary BRF GmbH, BRF acquired 49 per cent of the company’s shares for $19 million forming a new company SATS BRF Food Pte Ltd.
SFI is a wholly owned subsidiary of SATS Ltd., which is the leading provider of gateway services and food solutions in Asia, and listed on the Singapore Exchange.
SFI is providing its food distribution business to SATS BRF, including the sublease of two meat processing plants and a warehouse, the machinery in the processing plants and a license agreement for the use of certain brands and trademarks in Singapore.
SATS BRF is to focus on expanding supply of high value added, semi-processed meat and further processed food products, initially for the Singapore market.
The deal is part of BRF’s strategy of globalisation.
TheMeatSite News Desk