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The Brazilian meatpacker has entered into an agreement to acquire a slaughter and deboning unit in Colombia.
Minerva has announced that its subsidiary Athena Foods, through its subsidiary Red Cárnica, has entered into an agreement for the acquisition a slaughter and deboning unit in Colombia, owned by Frigorifico Vijagual and located in the city of Bucaramanga, Santander. The investment, amounting to approximately US$26 million, includes the acquisition of assets (US$14 million); working capital (US$7 million); and investments in expansion and renovation of facilities (US$5 million).
According to Minerva, the unit has a slaughtering and deboning capacity of 700 head per day and is expected to double the company’s capacity in Colombian operations in 2021. Athena Foods is to start operating the unit from September 1.
Colombia has a cattle herd of approximately 28 million head, larger than that of Australia, according to the U.S. Department of Agriculture (USDA). “Colombia has a huge growth potential, especially in the export front. Athena Foods, which is leader in beef exports in the country, consolidates even further its position with the acquisition”, said Minerva.