Hungarian agribusiness Master Good on Thursday said it is carrying out a HUF 4.4 billion capacity expansion at its poultry farms.
Master Good will expand broiler capacity at all six of its poultry farms and open a new hatchery. The investment will raise annual capacity for broiler and farm chickens from 12.1 million to 14.3 million. The company will also buy more birds from contractors, raising the number of broilers it processes from 16.4 million to 22.6 million a year from 2012.
Master Good's share of Hungary's broiler market will rise from 17-18% to 24-25% as a result.
Master Good plans to take out a HUF 2.1 billion loan for the project and has already started talks with banks.
Group member Baromfi Coop has won a HUF 1.5 billion grant from the New Hungary Rural Development Plan to support the project.
The Master Good group, comprised of Master Good and Baromfi Coop, is owned by the Barany family. Family head Laszlo Barany heads Hungary's Poultry Products Council.
Master Good targets revenue of HUF 16.5 billion this year. Baromfi Coop plans turnover of HUF 9 billion.