Russian meat processor Cherkizovo Group has formed a joint venture with Spanish food group Grupo Fuertes to open turkey meat processing plant in Russia.
The venture, announced today (14 May), will see the opening of a EUR100m plant in the Tambov region of Russia, that will be operational in 2014.
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Full capacity of 25-30,000 tonnes of turkey meat is expected to be reached by 2015, with potential to increase to 50,000 tonnes in the medium term, it said.
Once achieved, this would make Cherkizovo the market leader in the Russian turkey meat market.
The project will be financed from Cherkizovo and Grupo Fuertes’s existing funds, and through bank loans. The Tambov regional administration has agreed to provide the necessary infrastructure for the construction of the complex.
“Cherkizovo is already the largest agro industrial group in Russia, and by launching this new project with Grupo Fuertes, we will further strengthen our leading positions and provide customers with a new high quality and healthy meat product,” said Cherkizovo’s CEO Sergey Mikhailov.
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By GlobalData“Consumption of turkey has shown significant growth in Russia and we expect to soon be among the largest turkey suppliers in the country. Grupo Fuertes has many years of experience that will ensure the highest product standards and quality control – we look forward to working with them on this joint venture.”
