Tyson forms JV in China
US protein giant Tyson Foods announces that it has entered into an agreement with the Shandong Xinchang Group involving the acquisition of its vertically integrated poultry operations in eastern China.
Once government apporval has been given, the company will receive 60% ownership in vertically integrated poultry operations consisting of Xinchang’s existing assets, as well as the acquisition of a new poultry processing complex on the east coast of Shandong Province.
Shandong Xinchang Group has estimated sales of $345 mln in 2009. The name of the venture between the two companies will be Shandong Tyson Xinchang Foods Company.