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After rival JBS, the Brazilian meatpacker reportedly signed a Memorandum of Understanding (MoU) with China’s e-commerce platform, Alibaba Group.
Minerva is also said to have signed a MoU with five other companies in China to supply frozen beef for a period of five years. The agreements are expected to generate an estimated US$600 million in annual export revenue. The main terms of the agreements were signed during the China International Import Expo (CIIE) held in Shanghai in early November.
Similarly, on October 6, rival JBS also signed a MoU with Win Chain, a subsidiary of Alibaba Group, to export beef to China over the next three years. Read more here.