BRAZIL/UAE: BRF ups stake in UAE's Federal Foods
BRF has invested further in UAE's Federal Foods
Brazilian food giant BRF has upped its stake in Federal Foods, a manufacturer based in the United Arab Emirates.
In a filing to the Brazilian stock market, BRF said it had acquired an unspecified stake in dairy-to-meat group Federal Foods for US$27.8m.
BRF snapped up 49% of the business, which is based in Abu Dhabi, for $37.1m in January.
The company said the latest purchase was "in line with BRF's strategic plan to internationalise the company by accessing local markets, through the processing and distribution, strengthening BRF's trademarks and expanding its product portfolio across the Middle East".
Federal Foods portfolio includes a range of frozen, chilled and dry lines. The frozen ranges include products sold under flagship BRF brand Sadia.
In 2014, frozen processed food recorded a current growth rate of 14% in value terms, reaching R$6.2 billion in 2014. Despite of the leadership that Brf Brasil Food has in this category, the competitio...
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