SATS has acquired the 49 percent of its joint venture, SATS BRF Food, it didn’t already own from BRF GmbH for S$17 million, the aviation catering company said in a filing to SGX Thursday.
“By taking 100 percent ownership of our food distribution joint venture company we can accelerate end-to-end traceability of raw materials for our customers, and deploy data analytics to achieve greater efficiency and quality, while reducing food waste,” Alex Hungate, president and CEO of SATS, said in the statement.
SATS BRF Food will become a wholly owned subsidiary of SATS Food Services and will be renamed Country Foods, the filing said.
Country Foods has signed an exclusive distribution and licensing agreement with BRF Global GmbH to distribute products and license brands owned by BRF S.A. in Singapore, SATS said. BRF GmbH is a subsidiary of BRF S.A., a Brazilian company listed in Brazil and New York, the filing said.
The purchase price will be funded via internal resources and paid in cash, SATS said.
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