By Michael Susin
Hilton Food said it entered into a joint venture with National Agricultural Development Co. in Saudi Arabia, expanding its reach into the Middle East.
The U.K. food company on Thursday said it would hold a 49% stake in the new joint venture and contribute around 6.5 million pounds ($8.4 million), or 49% of the initial investment.
The money will be used to build a facility where Hilton Foods will focus on the meat processing and packaging while Nadec will supply its red meat products.
The joint venture is expected to start its operations by the second half of 2026 and the long-term agreement will have an initial period of 10 years, it said.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
March 06, 2025 02:46 ET (07:46 GMT)
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