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Thai Charoen Pokphand Foods aims for 10 to 15 percent sales growth in 2016

BANGKOK - Charoen Pokphand Foods, Thailand's largest meat and feed producer, expects between 10 percent and 15 percent sales and profit growth this year, driven by rising demand and food prices, its chief executive said on Tuesday.

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BANGKOK - Charoen Pokphand Foods, Thailand's largest meat and feed producer, expects between 10 percent and 15 percent sales and profit growth this year, driven by rising demand and food prices, its chief executive said on Tuesday.

Adirek Sripratak also told Reuters the company planned to invest 15 billion baht ($421.47 million), excluding in mergers and acquisitions, this year.

"Lower raw material prices will help boost margins and profit this year," Adirek said. "On sales, we expect growth in terms of volume and prices."

He also said he was confident about the firm's outlook this year, despite a global economic slowdown, including in China.

The shrimp business, which has been hit by losses for three years, is expected to make profit in the first quarter, he added.

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CP Foods is the flagship unit of Charoen Pokphand Group, Thailand's largest agribusiness group, controlled by Thailand's richest man Dhanin Chearavanont.

The company has been looking for acquisition opportunities abroad to offset weaker domestic demand and a slowing economy.

Adirek said growth from CP Food's overseas operations, which account for two-thirds of sales, is expected to be higher than domestic markets, especially in Vietnam where sales were up 15 percent last year.

Sales from China fell slightly last year, he said, but continued to generate profit. China and Vietnam account for 25 percent and 16 percent respectively, Adirek said.

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