Tyson acquiring 60% of Chinese poultry producer
Tyson Foods has plans to acquire a 60% interest in China's fifth-largest
poultry producer, Xinchang Group.
"We signed a preliminary agreement in June with Shandong Xinchang Group,
based near Qingdao in Shandong Province," said Tyson Foods spokesman Gary
Mickelson. "The agreement is subject to further due diligence and government
approvals, which could take several months to complete."
It is reported that, if completed, the deal would give Tyson Foods 60%
ownership in a vertically-integrated poultry operation consisting of Xinchang's
existing assets and a new complex currently under construction in Shandong
Province. "Xinchang Group is one of China's leading poultry producers with sales
of US $289 mln," said the spokesman.
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