BRF has sold its 49% stake in the SATS BRF Food joint venture in Singapore to SATS Food Services for SGD 17 million ($12.3 million).
After the acquisition, the unit, which produces frozen and halal meat, will become a wholly-owned subsidiary of SATS Food Services and be renamed Country Foods.
SATS said the acquisition is part of plans to consolidate its position in aviation catering in Asia and become a leading supplier to the foodservice industry in China and India.
“By taking 100% ownership of our food distribution joint venture company, we can accelerate end-to-end traceability of raw materials for our customers, and deploy data analytics to achieve greater efficiency and quality, while reducing food waste,” said Alex Hungate, CEO of SATS.
The new entity, Country Foods, has also signed an exclusive distribution and licensing agreement with BRF Global to distribute products and the right to license brands owned by BRF in Singapore.
For BRF, the transaction forms part of plans announced last year to accelerate the company’s financial deleveraging process and focus on its core markets in Brazil, Asia and in Muslim countries.
The Brazilian meat firm has since offloaded its Thai and European operations to Tyson Foods and sold all its assets in Argentina.
PepsiCo today announced a new sustainability program called PepsiCo Positive, or pep+, committing to “a strategic end-to-end transformation with sustainability at the center of how the company will create growth and value by operating within planetary boundaries and inspiring positive change for the planet and people.”
Kerry has completed the acquisition of Niacet, which was previously announced in June, as Kerry seeks to strengthen its food protection and preservation strategy. Niacet is a key player in preservation, and its business complements Kerry’s extensive portfolio of food protection and preservation technologies and processes.
In a study published earlier this month, researchers at the USDA’s Agricultural Research Service (ARS) and UC Berkeley revealed that switching from isobaric to isochoric freezing would significantly reduce energy use and the associated carbon emissions by a significant amount.