Investment by Hormel to grow as meat demand rises

US-based firm eyes sustainable expansion as it starts work on $110 million facility in Jiaxing

Buoyed by the strong, sustained demand for its meat products in China, the United States-based Hormel Foods Corp is looking to further expand investment in the nation, company officials said on Thursday.

The Austin, Minnesota-based Hormel formally broke ground for its largest individual facility in China in the Jiaxing Economic and Technological Zone of Zhejiang province on Thursday. Set up with registered capital of $110 million, the facility is expected to make annual revenues of 6 billion yuan ($967 million) from 2016 onward.