CPF going global
Thailand’s Charoen Pokphand Foods (CPF) is curtailing further investment in Thailand and focusing instead on opportunities in overseas markets.
CPF”s Teerasak Urunanon says the primary reason is that there has been a drop in domestic sales because of oversupply in the domestic market and diminishing demand for meat due to ongoing economic concerns.
Local sales target of the company is also being lowered from 150 billion baht (€3.4 billion) to 130-140 baht (€2.9 – 3.2 billion). This is due to the industry’s instability. Urunanon says that CPF plans to add value to its branded ready-to-eat frozen foods, spending up to 100 million baht (€2.3 million) annually to turn the company into a global brand within five years.
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