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Financial

Money makes the world go round and the meat industry is no different. Deals are always being brokered and currency fluctuations are a key issue for any global meat trader.

Brazilian meat giant ‘dissatisfied’ after loss

Meat processor BRF’s fourth-quarter net income fell by over 130% as a combination of political uncertainty and market challenges pushed results into the red.

Value offering grows Maple Leaf Foods’ pork sales

Maple Leaf Foods’ increased focus on value-added pork products has helped the Canadian processor grow sales in 2016.

Thai takeover of top Russian meat plant nearly done

Talks to acquire a top Russian meat factory, the Ostankino Meat Processing Plant (OMPP), could be concluded by Thailand's CP Foods arm Charoen Pokphand Foods (overseas) LLC (CP Foods) next month....

Profit up for South African foodservice corporation

Multinational foodservice giant BidCorp has reported a 20% rise in half-year profit less than a year after its spin-off from Bidfood (formerly Bidvest Foodservice).

Polish meat business lifts sales as cash injection looms

Poland’s meat processor Gzella Poland sp. z o.o. increased its year-on-year sales by 40% in 2016 with the business eyeing expansion as ABP Food mulls investment in the high-flying firm.

News in brief

Italian meat producer makes millions in ham deal

Cured meats producer Gennari Italia has scooped €10 million in a single trade deal through the sale of 100,000 units of Protected Designation of Origin (PDO) Parma ham.

Atria in profit growth despite ‘tough’ price pressure

Meat processor Atria has reported a near-30% rise in full-year pre-tax profit as the business, which recently cracked China, continues to expand.

Tyson Foods under federal investigation for alleged price fix

Tyson Foods, one of the world’s largest meat processors, is under federal investigation for allegedly colluding with other meat companies to raise the cost of poultry.

Investment business secures Carolina meat producer

Investment advisor Gordon Brothers has secured a majority equity share in Carolina Pride, throwing its substantial financial muscle behind the family-owned South Carolina packaged meat producer in a strategic partnership.

Pilgrim’s Pride sees major fall in income

US poultry producer Pilgrim’s Pride saw its full-year income decline by nearly a third in 2016. 

HKScan to cut 150 jobs after ‘weak’ results

Troubled meat processor HKScan will cut up to 150 jobs and review its business model as profits continue to fall, according to its CEO

CP Foods pumps cash into Russia’s meat industry

Russia will see millions of dollars invested in its meat industry this year amid Thailand's Charoen Pokphand Foods' (CP Foods') plans to pump US$2 billion into expansion there by 2020. 

Tyson Food posts ‘record’ results – again

US meat giant Tyson Foods looks on track for a fifth consecutive year of record financial results, with beef and pork enjoying “outstanding” growth.

Shareholders vote to save struggling Duc

Shareholders at French poultry giant Duc have voted, in an extraordinary general assembly, to increase their share capital and complete the company’s takeover by Plukon Food Group.

Growing poultry crisis sees RCL Foods’ profit fall

South Africa’s RCL Foods has warned that its half-year profits could fall by more than 50% as the massive challenges in the domestic poultry market send earnings tumbling.

Greencore targets US revenue growth as costs rise

Convenience food business Greencore is targeting US revenue growth after the Ireland-based firm reported “strong” financial results in the 13 weeks to December 2016.

JBS gives top job to senior US politician

Brazilian meatpacker JBS SA has appointed a number of high-level independent board members to its subsidiary JBS Foods International, with former House of Representatives speaker John Boehner among them.

Poultry exports drive growth for Ukraine’s MHP

Export sales grew by nearly 50% in the 12 months up to December 2016 for Ukraine’s grain and poultry giant MHP. 

News in brief

Oscar Mayer meat plant closure date confirmed

The Oscar Mayer meat factory in Madison, US, will be shut down permanently in the first quarter of 2017. 

Japan's tax diversion scheme lifts wagyu beef sales

A scheme by Miyazaki Prefecture, which offers local wagyu in return for tax payments to its municipalities from residents in other parts of the country, is supporting regional livestock farmers...

Investment costs in Miratorg’s pig cluster rise

Investment in Miratorg’s large pigmeat factory in Kursk Oblast has reached RUB160 billion ($2.68bn), nearly 25% above original estimates, according to a report from the region’s Information Department.

GMP's multi-million dollar expansion creates 76 jobs

Australia-based Gundagai Meat Processors (GMP) has started an AU$30 million plant upgrade, generating 76 new full-time jobs.

World’s largest halal firm eyes stock market float

Brazilian meatpacker BRF plans to capitalise its new halal subsidiary OneFoods and may look to raise funds via a stock market flotation.

HKScan agrees Finnish beef deal

HKScan Finland has boosted its foothold on the beef market through its acquisition of the remaining half of Paimion Teurastamo (Paimio Slaughterhouse) from Wellcapita, based in Turku, Finland.

Hungarian group Bonafarm eyes stake in meat processor

Hungarian food processing conglomerate Bonafarm is in talks to acquire a stake in local meat processor MCS Vágóhíd Kft.