Minerva signs joint venture memorandum in China
Oct, 02, 2019 Posted by Sylvia SchandertWeek 201941
Minerva S.A. has signed a memorandum to form a joint venture to explore beef business opportunities in China.
The meatpacker said businessmen Xuefang Chen and Wenbo Ge will be partners in the venture with Minerva and its international unit Athena Foods. Details such as financial values, product volumes, and terms were not disclosed.
Xuefang and Wenbo, protein distributors in China, are already Minerva customers.
“With the establishment of this joint venture […] the company seeks to maximize its distribution channels in China, enabling new business opportunities, and in order to meet the growing demand for beef protein in China, which today accounts for approximately 15% of all global consumption of beef,” said the Brazilian company.
Yesterday Minerva shares closed the day with a 1.6% increase, while Ibovespa fell 0.66%.
Source: Reuters
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