October 1, 2019 / 11:05 PM / 22 days ago

Brazil meatpacker Minerva to create China joint venture

SAO PAULO, Oct 1 (Reuters) - Brazilian meatpacker Minerva SA said on Tuesday it has signed a memorandum of understanding to form a joint venture to explore business opportunities involving beef in China.

Minerva said in an exchange filing it signed the agreement with two “Chinese representatives” named Xuefang Chen and Wenbo Ge, who will be partners in the joint venture, without giving more details on the two people’s identities.

Chen and Ge are meat distributors in China and are already customers of the meatpacker, a source familiar with the matter told Reuters.

Minerva did not disclose any financial details related to the agreement.

“The company aims to maximize its distribution channels in China, enabling new business opportunities, and to meet the growing demand for beef protein in China, which today accounts for approximately 15% of all global beef consumption,” the filing said. (Reporting by Alberto Alerigi; writing by Jake Spring; editing by Richard Pullin)

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