Wednesday, Oct 31, 2007
SAO PAULO (Dow Jones)--Brazilian food company, Sadia SA (SDA), will spend around 100 million Brazilian reals ($57.4 million) on a new meat processing facility in the United Arab Emirates next year, a company press agent said Wednesday.
Earlier this week, the company said it was investing around BRL200 million in two overseas projects over the next two years.
Sadia didn't say where the facility would be built in the UAE and didn't say where the cash was coming from to build the greenfield project.
Sadia is Brazil's largest meatpacking company in terms of revenue and the Middle East is the company's second largest market outside of the E.U.
The Sadia operations in UAE is being built to provide processed chicken and beef products to those Middle Eastern markets.
A second facility will be built overseas in 2009, but Sadia didn't say where at this time.
The move further extends Sadia's international footprint and overseas branding. The company will open its Kaliningrad, Russia, facility on Dec. 1, its first international endeavor.
-By Kenneth Rapoza, Dow Jones Newswires; 5511-3145-1488; kenneth.rapoza@dowjones.com
(END) Dow Jones Newswires
31-10-07 1301GMT
