Sector News

BRF offloads stake in Singapore-based joint venture for $12.3m

September 6, 2019
Food & Drink

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.

Source: FoodBev

comments closed

Related News

September 25, 2022

Coca-Cola names new president of global ventures

Food & Drink

The Coca-Cola Co. has promoted Evguenia (Jeny) Stoichkova to president of global ventures, effective Jan. 1, 2023. Ms. Stoichkova joined Coca-Cola Bulgaria in 2004 and was most recently the president of the company’s Eurasia & Middle East division, a role she has held since 2021.

September 25, 2022

Perfect Day allies with Onego Bio to speed-up launch of animal-free eggs

Food & Drink

US-based Perfect Day, is partnering with Onego Bio, which specializes in creating animal-free eggs, aiming to accelerate the timeline to bring the eggs to the market. The business, with the use of its technology, plans to commercialize animal-free ovalbumin, the most abundant egg white protein extracted through precision fermentation.

September 25, 2022

EU fails on food waste: Report reveals bloc discards more than it imports

Food & Drink

Food waste costs the EU €143 billion per year (US$141.7 billion), with a report by Feedback EU raising the alarm of how it’s vital to reduce waste from farm to fork 50% by 2030 and the only way this will be achieved is by enforcing a mandatory directive forcing the food industry to do better and retailers to pay a tax of food waste.