Brazil's BRF raises stake in Abu Dhabi's Federal Foods
SAO PAULO, April 9
SAO PAULO, April 9 (Reuters) - Brazil's BRF, the world's leading poultry exporter, said on Wednesday that it had raised its stake in Abu Dhabi's Federal Foods with a $27.8 million investment meant to expand its international reach.
BRF purchased 49 percent of Federal Foods in January 2013 for $37.1 million. It did not specify what share of the processed food company it had after the latest deal, which was announced in a filing with Brazil's securities regulator.
BRF started building a processed food plant in Abu Dhabi in 2012 and hopes to open it in the first half of this year. The plant is meant to give the company access to distant Asian markets like Indonesia.
The Federal Foods deal is in line with BRF's plans to expand in the Middle East and other international markets, the filing said. (Reporting by Caroline Stauffer; Editing by Lisa Von Ahn)