Brazilian food group BRF and Indonesia food company Indofood are set to work together in the Asian market.
The two firms have signed a memorandum of understanding to form a joint venture that will “explore the poultry and prepared food businesses in Indonesia”. The companies plan to invest a combined US$200m in the venture in the next three years.
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The venture, in which both sides will own a 50% stake, will mark BRF’s entry into Indonesia, a market “experiencing a significant protein consumption growth”, it said.
“BRF will contribute with its knowledge in the protein-based food processing industry and Indofood will contribute with its market access in Indonesia, granting access to its extensive distribution network,” the Brazilian group added.
Last week, US agribusiness Cargill said it was considering an entry into Indonesia’s poultry sector.
See Also:
Click here for our two-part interview with BRF CFO Augusto Ribeiro in which he discussed the company’s plans for international expansion.
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