October 29, 2008
Japan's Nichirei Corp will set up a joint venture in Thailand to process chicken in order to meet rising global poultry meat demand.
The corporation's subsidiary Nichirei Foods Inc. and Thai chicken processor GFPT Public Co. will set up the new company â€“ GFPT Nichirei (Thailand) Co., - in December.
The new company will be capitalised at THB 780 million (US$22.3 million), of which 51 percent will be put up by Nichirei Foods and the remaining 49 percent by GFPT Public.
The company will begin operations in early July 2010, with annual sales forecast at JPY 20 billion (US$206.4 million).