Brazilian food company BRF is set to establish a joint venture with UK-based Invicta Food Group to distribute processed foods in Britain, Ireland and Scandinavia.
Reuters reported citing a securities filing that the company's subsidiary, which will offer its service network in the region, will pay $27m to hold 62% stake in the joint venture.
Invicta, which has a strong presence in UK food services, will hold the remaining shares in the new venture.
BRF is involved in processing and selling of fresh meat, processed products, pasta, sauce, mayonnaise, frozen vegetables, and soybean by-products.
Recently, the company formed a joint venture with Singapore Food Industries (SFI). The new firm will focus on meat processing and manufacturing of branded food products for distribution to retailers, restaurants, wholesalers, distributors and ship handlers.
Meanwhile, Brazil's antitrust authority has approved French food company Lactalis' plan to buy dairy units from BRF for BRL1.8bn ($594m), Reuters reported.
Lactalis will acquire BRF's dairy operations in Brazil along with brands Batavo and Elegê.
Image: BRF's product portfolio includes whole chickens and cuts of chicken, turkey, and pork; ham products and bologna, among others. Photo: courtesy of savit keawtavee/ freedigitalphotos.net
