Brazilian food manufacturer BRF has completed the acquisition of UK based food company, Universal Meats for £34m.
This deal will enable BRF to expand in local markets in the UK.
The negotiations for the takeover began in December of 2015.
This acquisition will strengthen BRF's presence in European markets. In Europe, BRF already has two factories, one in Holland and the other in the UK. It has already entered into a joint venture for distribution of food in the UK, Ireland and Scandinavian region.
BRF chief financial officer Augusto Ribeiro was quoted by Foodmanufacture.co.uk as saying: "The transaction is in line with the strategic plan to globalize the company, accessing local markets, strengthening the brands of BRF, distributing and expanding its product portfolio around the world."
Established in 1989, Universal Meats, which processes foods ranging from chicken, duck, beef, lamb, pork tuna and pastry products, has a turnover of about £100m.
BRF is an 80 year-old company with more than 96,000 employees working in 35 industrial units placed in countries such as Argentina, United Kingdom, Holland, United Arab Emirates apart from Brazil.
BRF exports its animal protein products and food products to more than 120 countries in five continents.
