Cherkizovo Group has Started Grain Harvest
Cherkizovo Group, Russia's largest meat and fodder producer, has started the grain harvest. The Group harvests winter wheat and peas from its lands in Voronezh, Lipetsk, and Orel Regions in July. More than 40 pieces of equipment are operating 16 hours a day during the harvest campaign.
Cherkizovo Group (LSE:CHE) Trading Update for First Half of 2014
Moscow, July 24, 2014 – Cherkizovo Group (LSE:CHE; MOEX: GCHE), Russia’s largest meat and fodder producer, announces its operational results for the first half of 2014.
Cherkizovo Group has commissioned new grain storage facilities in Kamensky District, Penza Region, with overall capacity of 100,000 tonnes
Upon the facilities commissioning, Cherkizovo's overall grain storage capacity increased to 700,000 tonnes. The Company invested more than 560 million roubles in the Kamenka project, including VAT, and created about 50 new jobs with an average wage 30% higher than the average wage in the region.
Sberbank of Russia provided Cherkizovo Group the first tranche as part of the line of credit for the construction of a turkey meat production plant
Tambov Turkey LLC, a joint Russian-Spanish venture created by Cherkizovo Group and Grupo Fuertes for the construction of a vertically integrated turkey meat production plant in the Tambov Region, attracted RUB 1.2 bln as part of the first tranche of the line of credit. Sberbank CIB organised financing, which was announced in February of this year. The total investment in the project amounts to RUB 7.5 bln (including VAT), of which more than RUB 3 bln is a joint investment by Grupo Fuertes and Cherkizovo Group, the remainder is long-term loan financing.