World meat industry news

Finland's Atria said on Monday it had sold its fast food business in Russia, Sibylla Rus, to Russian meat producer Cherkizovo for about 8 million euros ($8.34 million), reported Reuters. 

Atria said the Russian business accounted for about 2% of the group's total net sales and had been profitable.The Finnish company said it would record a capital gain of about 2 million euros from the divestment and a translation loss of about 10 million euros.

The translation loss is recognised in earnings before interest and taxes (EBIT), but it has no effect on the group's equity or cash flow, Atria said.It had said in March it would exit its fast food business in Russia, after selling its industrial subsidiary in April 2021. 

Cherkizovo said the deal included 4,400 fast food shops in Russia and former members of the Soviet Union, equipment and recipes, but excluded rights to the Sibylla trademark.

The Russian company, one of the biggest meat producers in the country, said the deal was in line with its strategy to boost its presence in food service business.

The deal has received a preliminary nod from Russia's Federal Antimonopoly Service (FAS).