Rica Foods, Inc (Amex: RCF) announced today that it is positioning itself to acquire a poultry operator in Brazil. RCF has taken definitive steps towards the acquisition of a majority stake in Core Etuba, SRL, a fully integrated poultry company located in Curitiba, Brazil. ”This acquisition represents one of the most important strategic and corporate initiatives of our company this year,” said Mr. Calixto Chaves, Rica Foods’ Chairman and Chief Executive Officer.
Core Etuba is a newly formed corporation that is in the process of concluding the acquisition of a poultry operator in Curitiba, State of Parana. ”This region is widely recognized for its political and transportation organization and for the strategic location of production of yellow corn and soybean meal, the two main ingredients in our chickens’ diet,” Mr. Chaves remarked. ”We have set our sights on Brazil and we are ready to work our way into its demographics,” Mr. Chaves said today. ”We expect our quality products to be an interesting alternative to the local customers,” Mr. Chaves concluded.
Currently Rica and its subsidiaries have reached an agreement to co-manage the Brazilian poultry producer and intends to conclude this transaction in the next 30 days. Terms and conditions are currently under negotiation.
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