October 15, 2004

US, Russia Invest More Than $30 Million In Poultry Production Project

Russia and the United States have invested more than $30 million over five years in Elinar Broiler, a joint project to produce poultry, according to General Director of Elinar Holding Company and Board Director of Elinar Broiler Igor Kuimov.

Elinar and the USAPEEC International Poultry Development Program (UIPDP) implemented the project in Moscow region and it was set up on a parity basis.

"The number of poultry pens has increased from 24 to 52 in five years, the number of poultry has quadrupled and poultry production has grown fivefold," Kuimov said. The company plans to produce more than 20,000 tons of poultry in 2004, against 4,000 tons five years ago. Sales are currently 83 million rubles per month, against 13.9 million rubles per month in 2000.

"We plan to increase production, so we will renovate and build another 20 new poultry pens," Kuimov said. It is expected that $8 million will be invested in these facilities over six months.

Kuimov said Elinar Broiler "is orientated towards target demand and produces a range of more than 130 kinds of refrigerated poultry. We have succeeded in being able to store the meat for seven days," Kuimov said.

Elinar Broiler "has never had excess reserves, despite the fact that prices for its products were higher than its competitors," he said.