SINGAPORE: Petra in cocoa JV with Cemoi, Blommer Chocolate
Ivory Coast accounts for 40% of world's cocoa bean production
The venture, named PACTS, or the Processors Alliance for Cocoa Traceability and Sustainability, will ferment cocoa beans in the African country.
The three companies plan to spend EUR2.3m (US$2.8m) to set up 30 fermentation centres, which will work with 50 farmer co-ops in the Ivory Coast.
The country is the world's largest producer of cocoa beans and Petra Foods said the venture wanted to "improve efficiencies and increase yields" among farmers.
CEO John Chuang added: "For Petra Foods, it has always been our goal to grow the group in a sustainable and responsible manner through all our actions and through the initiatives that we undertake. This joint venture is a prime example of one of these initiatives."
Singapore-based cocoa manufacturer Petra Foods posted a jump in net profit during the first quarter as it reported strong sales growth over the quarter....
- Comment: Nestle reacts to world of 3G and Buffett
- Why it is too early to call Unilever food revival
- France takes big step to uniform FOP labels
- What the analysts say: The verdict on Danone's Q1
- How will Flowers Foods grow in speciality bread?
- Unilever food, refreshment sales rise
- Fonterra says rain needed to maintain milk supply
- Organic food sales in US up 11% in 2014
- UPDATE: Danone CEO upbeat on 2015 growth
- Nestle in "exclusive" Davigel talks with Brakes