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. Last Updated: 07/27/2016

Cherkizovo Buys Chicken Kingdom

Cherkizovo has acquired 100 percent of Chicken Kingdom to become the country's biggest poultry producer, the company said Wednesday.

Cherkizovo, which raised $250 million listing shares in London last year, said in a statement it paid $143 million for Chicken Kingdom.

"Cherkizovo [is now] Russia's clear No. 1 poultry producer," CEO Sergei Mikhailov said. "We expect to continue to drive further growth ... in the ongoing consolidation within our key Russian meat producing markets."

Russia has made agriculture, and animal breeding in particular, one of its priority projects for growth.

Domestic production of poultry last year accounted for about 53 percent of the country's poultry meat consumption, meaning the country is importing less.

This year Chicken Kingdom is expected to produce over 80,000 tons of chilled and frozen poultry products, and production capacity could reach 100,000 tons by year-end, the firm said.