Thailand’s CP Foods has agreed a deal to buy control of German meat supplier Paulsen Food.
The deal will see the European arm of CP Foods take control of 95% of Paulsen in a deal worth THB466 million ($13.7 million).
In a statement, the company said: “Becoming the shareholder of Paulsen Food will allow CP Foods to enhance its import quota licenses for poultry meats and other poultry products to the European Union of approximately 6,100 tonnes per annum.
“Furthermore, CP Foods will obtain network and channels for food services and food manufacturers in Germany and the European Union which have a high potentiality. Main products to be distributed are chicken and duck which are in line with CP Foods’ businesses.”
Last year, CP Foods sealed 11 overseas investment deals and its operations abroad and exports contributed to 68% of the company’s sales revenue.
In January, CPF acquired a 33% stake in Polish poultry producer SuperDrob for €49.5 million.
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