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Headlines > Financial

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. 

O’Brien Fine Foods to take over Faughan Foods

O’Brien Fine Foods, owner of the Brady Family ham business in Ireland, has announced it is to acquire Faughan Foods. 

Jobs at risk as HKScan issues second profit warning

Finnish meat processor HKScan has lowered its 2016 operating profit forecast for the second time in a matter of months, with at least 35 jobs set to be axed. 

Growth propels Hilton Food Group past expectations

UK-based meat processor Hilton Food Group has traded “slightly” above the board of directors’ expectations as trading for the full-year to 1 January 2017 defied economic forecasts.

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Danish Crown beef takeover speeds growth plan

Danish Crown’s planned takeover of German slaughterhouse Teterower Fleisch will reinforce the company’s global strategy of increasing revenue generated by beef from 10% to 15%.

Danish Crown in Teterower Fleisch takeover

Danish Crown is set to become one of Germany’s largest beef processors after the pork giant announced a takeover of slaughterhouse Teterower Fleisch for an undisclosed sum.

BRF to buy Turkey’s Banvit in $470m venture

Brazilian meatpacker BRF SA and Qatar’s sovereign wealth fund have agreed to buy outright the largest poultry producer in Turkey, Banvit, in a joint venture worth $470m. 

Smithfield strengthens supply chain with swoop on Clougherty

Smithfield Foods has completed its acquisition of Clougherty Packing LLC in a cash deal worth $145m. 

News in brief

Wellard expects ‘trading loss’ after bank trouble

One of Australia’s largest livestock exporters, Wellard Limited, has confirmed it expects a trading loss in the first half of the year after breaching bank covenants.

Thai CPF continues expansion with €49.5m SuperDrob stake

Thailand’s Charoen Pokphand Foods (CPF) has signed a preliminary deal to acquire a 33% stake in Polish poultry processor SuperDrob SA less than a fortnight after its big money Bellisio...

CP Foods thaws US with $1bn Bellisio takeover

Thailand’s Charoen Pokphand Foods (CP Foods) has flexed its financial muscles with a $1.075bn takeover of frozen specialist Bellisio Foods and a 33% stake in Poland’s SuperDrob.