May 12, 2012 / 3:06 PM / 5 years ago

Russia's Cherkizovo sets up venture to produce turkey

MOSCOW, May 12 (Reuters) - Russian meat firm Cherkizovo said on Saturday it has set up a joint venture with Spanish company Grupo Fuertes to produce turkey meat in the Tambov region south of Moscow.

The companies will invest a total of 4.5 billion roubles ($150 million) in the project and aim to produce 25,000-30,000 tonnes of meat a year, potentially rising to 50,000 tonnes.

Production will start in 2014, Cherkizovo said in a statement, adding the facility is planned to reach target capacity in 2015.

Cherkizovo also produces poultry and pork.

$1 = 30.1450 Russian roubles Reporting by Maria Kiselyova; Editing by Toby Chopra

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