Brazilian joint venture worth €40m signed
Carbery Group in West Cork has announced a joint venture with South American food company BRF Brasil Foods which involves a $50 million (€39 million) shared investment.
The venture will use Carbery’s technology to process whey generated at BRF’s cheese-making operations.
The Brazilian company processes more than 1.6 billion litres of milk per year and is the second largest collector of milk in Brazil. It employs about 115,000 people and has an annual turnover of $13.7 billion. It has 14 dairy-processing sites in Brazil and one in Argentina.
Its product portfolio includes cheese, UHT milks and fresh dairy products.
Construction of the new facility will begin immediately and it will start operations in 2014.
Carbery Group chief executive Dan Mac Sweeney said the joint venture further enhanced Carbery’s footprint in South America’s vast agri-food business.
“Carbery’s capability to produce high-quality whey protein ingredients in the country will strengthen our offerings to the leading nutritional brands there, and ensure we are positioned for further growth in a dynamic and growing economic region,” he said.