CP Foods plans to invest $1.6bn during 2014-2016

Charoen Pokphand Foods, Thailand’s largest agribusiness company, plans to invest THB 50 billion (US$1.6 billion) during 2014-2016 to expand the capacity of its feed, farm and food businesses.

CP Foods is aiming for revenue growth of 15% in 2014 from its 380-390 billion baht in 2013, which is below target due to the impact of a shrimp disease at its farm operations, Chief Executive Adirek Sripratak told reporters on Monday.

From 2014 to 2016, 60% of the company’s investment budget will be invested in overseas operations and the rest for domestic businesses, Adirek said.

CP Foods is the flagship of unlisted Charoen Pokphand Group, owned by Dhanin Chearavanont, Thailand’s richest man. In June, the company cut its five-year investment budget and revenue target after its foreign farms performed below expectations.