August 2, 2017

Spain's Grupo Fuertes increases stake in Cherkizovo Group to 8% 

Grupo Fuertes of Spain has raised its shareholding in the Russian agrifood holding company Cherkizovo Group to 8% after acquiring a 3% package of securities on the London Stock Exchange. The total investment of Grupo Fuertes has an approximate value of US$77 million, according to the current quote of the company.

Previously, Grupo Fuertes held a 5.12% stake in Cherkizovo.

Both business groups have maintained a strategic alliance since 2012, when they set up a 50% joint venture for the development of the comprehensive turkey meat production and marketing project in Russia called Tambovskaia Indeika, which opened in May.

Grupo Fuertes has an annual turnover of more than 1.5 billion euros (US$1.8 billion). For its part, the holding company Cherkizovo Group invoiced last year about $1.345 million.

Grupo Fuertes is one of the main business groups in Spain and consists of a powerful agri-food core and a diversified set of investments. 

Cherkizovo Group is the largest vertically integrated meat and feed producer in Russia.