The European unit of Charoen Pokphand Foods Plc (CP Group) will acquire 80% of Tops Foods NV, a Belgian producer of ready-made meals. The agribusiness giant CP Group was built by Thailand’s richest man Dhanin Chearavanont through the selling frozen chickens. Mr. Chearavanont announced in September 2013 that he was in planning to purchase a food-focused retail firm in the U.S. or a company with a network related to food. The CP Group was one of the companies bidding in May 2013 to acquire Smithfield Foods, Inc. – the largest pork producer in the U.S. Smithfield ultimately went to Shuanghui International Holdings, Ltd of China. The president of the European arm of Charoen Pokphand stated that the acquisition will expand the group’s ready-meals production base in Europe for distribution across the continent. Tops Foods’ revenues in 2013 were approximately €12 million, total approximate assets were €10.6, and production capacity was approximately 100,000 trays of ready-meals per day.
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