Cherkizovo plans $1.1 billion expansion
Cherkizovo Group intends to invest more than $1.1 billion over the next two or three years to boost pork and poultry production in regions such as Tula, Lipetsk and Altai territory. "We are pleased to announce new large-scale investments in our capacities. The agreements signed will kick off projects set to boost pork and poultry production in the next 2–3 years and strengthen our leadership in the domestic meat industry," announced Sergey Mikhailov, CEO of Cherkizovo Group during the St Petersburg International Economic Forum.
The largest project ($660 million) will be located in the Tula region and focuses on the construction of a facility for slaughtering, storage, and processing of pork, with a capacity of 4.2 million heads per year. Another plant (poultry) located in the same region will be built between 2023 and 2025.
Several other poultry and pork farms are to be built in the Lipetsk region, while Altai territory will see an expansion of the company's poultry cluster which is set to begin this year. To implement these projects Cherkizovo signed a partnership with Gazprombank, one of the largest lenders in Russia.
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