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With eye on Europe, CP Foods buys UK poultry trader

Company wants to generate 75% of sales from international operations by 2020

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  © Reuters

BANGKOK -- Charoen Pokphand Foods, an agribusiness conglomerate owned by billionaire Dhanin Chearavanont, announced Monday it would acquire U.K.-based poultry company Westbridge Food Group, as it takes another step into the European market.

CP Foods has agreed to buy all the shares of Westbridge Food Group whose enterprise value is 60 million pounds ($74.9 million) including debt of 7 million pounds. The transaction is expected to be completed by the end of April.

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