BRF has sold its 49% stake in the SATS BRF Food joint venture in Singapore to SATS Food Services for SGD 17 million ($12.3 million).
After the acquisition, the unit, which produces frozen and halal meat, will become a wholly-owned subsidiary of SATS Food Services and be renamed Country Foods.
SATS said the acquisition is part of plans to consolidate its position in aviation catering in Asia and become a leading supplier to the foodservice industry in China and India.
“By taking 100% ownership of our food distribution joint venture company, we can accelerate end-to-end traceability of raw materials for our customers, and deploy data analytics to achieve greater efficiency and quality, while reducing food waste,” said Alex Hungate, CEO of SATS.
The new entity, Country Foods, has also signed an exclusive distribution and licensing agreement with BRF Global to distribute products and the right to license brands owned by BRF in Singapore.
For BRF, the transaction forms part of plans announced last year to accelerate the company’s financial deleveraging process and focus on its core markets in Brazil, Asia and in Muslim countries.
The Brazilian meat firm has since offloaded its Thai and European operations to Tyson Foods and sold all its assets in Argentina.
© FoodBev Media Ltd 2022
World Beverage Innovation Awards – NOW OPEN FOR ENTRIES!
The awards celebrate excellence and innovation across the global beverage industry. Don’t miss out on having your innovations recognised on a global scale.
Deadline for entries 23 July – enter now!
Don’t get left behind
Start your free Foodbev magazine trial today and join thousands of fellow industry professionals in receiving food and drink trends direct to our business.
Click here to start your free trial
Your privacy We use small files known as ‘cookies’ to enhance your experience of the FoodBev website and analyse site-traffic. Read about how we use cookies or how you may control them in our updated privacy policy and cookie policy. If you continue to use this site, you consent to our use of cookies. Click the ‘OKAY‘ button at the top right of this panel to accept or click here for more information.