July 17, 2018 / 11:01 AM / a year ago

Russia's Cherkizovo buys regional chicken producer

MOSCOW (Reuters) - Russia’s biggest meat producer Cherkizovo said on Tuesday that it plans to buy regional farming company Altayski Broiler from its competitor Prioskolye.

The company said the final price would be established after due diligence process is completed.

“The inclusion of such a big regional producer in the Cherkizovo structure... would firm its position in the poultry market and also will increase its market share among domestic producers to 12 percent,” Cherkizovo said in a statement.

Altayski Broiler produced around 67,000 tonnes of poultry in 2017.

Cherkizovo sold nearly 131,000 tonnes of chicken meat in the first half of 2018.

Reporting by Olga Popova; Writing by Maria Tsvetkova; Editing by Alexandra Hudson

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