June 8, 2009

Brazil's Sadia sell Russian joint venture for US$77.5 million

Brazilian meatpacker Sadia SA said Friday (June 5) it sold its interest in Russian joint venture Investeast Ltd. for US$77.5 million.


The meatpacker will sell its 60 percent stake to its partner Fomanto Investments Ltd.


Russia is one of Brazil's biggest markets for chicken, beef and pork. Investeast set up a plant in Kaliningrad, which began operating earlier this year.


Sadia recently announced a merger with its local rival Perdigao SA and is reassessing joint strategies.