Strategies_of_the_Poultry_Processing_Agro_Industry_and_the_action_of_the_Brazilian_Competiti.pdf

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Strategies of the Poultry Processing Agro Industry and the action of the BrazilianCompetition Defense System (Sistema Brasileiro de Defesa da Concorrncia - SBDC

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Abstract:Nowadays the Brazilian poultry production is ranked second in the world after theUSA. It is considered extremely competitive for its advanced technological level, for its

qualified labor work, for its sanitary standards, production costs and price range. This paperaims to verify the action of the Brazilian Competition Defense System (Sistema Brasileiro deDefesa da Concorrncia - SBDC) in a specific agroindustry: the Brazilian poultry agrochain.It was proceeded an analysis of the industrial market structure of the brazilian poultryindustry, looking for some tendency regarding production concentration andtransnationalization. As regarding the horizontal integration strategies, it has been observedthat poultry companies have developed strategies to increase the market share throughmerges, acquisitions and joint ventures, between nationals and also with multinationalscompanies. The results show an intense action by the SBDC and the economic fundamentalsof its reports proved to be aligned with international competition policies standards.

Key words:poultry industry;Brazilian Competition Defense System; horizontal integration

Authors:

Mrcia Azanha Ferraz Dias de MoraesPh.D. Professor, University of So Paulo (USP ESALQ, Department of Economics,Administration and Sociology)Mail address: Av. Pdua Dias, 11 Caixa Postal: 9 - Departamento de Economia,Administrao e Sociologia - ESALQ/USP Piracicaba/SP CEP: 13418-900Electronic address: [email protected]

Andra Cristina Dorr

MSc Professor at Centro Universitrio Franciscano (UNIFRA/RS)Mail address: Rua Silva Jardim, 1175Centro Universitrio Franciscano (UNIFRA), Campus 2Santa Maria/RS CEP: 97010-491Electronic address: [email protected]

Laura Poggi RodriguesMSc Student in Applied Economics at the University of So Paulo (USP ESALQ,Department of Economics, Administration and Sociology)Mail address:Electronic address: [email protected]

1This paper is part of the project: The changing structure of the agri-food sector in Brazil and itseffects on trade and competition, sponsored by FAO, available in

http://www.latn.org.ar/eng_i_wp.html. The authors would like to thank the relevant contribution ofProf. Marcos Sawaya Jank, of University of So Paulo (USP FEA).
http://www.latn.org.ar/eng_i_wp.htmlhttp://www.latn.org.ar/eng_i_wp.html


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Strategies of the Poultry Processing Agro Industry and the action of the BrazilianCompetition Defense System (Sistema Brasileiro de Defesa da Concorrncia - SBDC

1. IntroductionIn a context of opening world markets and economy globalization, studies ofcompetition policies among members of the WTO proves to be opportune: in this paper it is

verified the action of the Brazilian Competition Defense System (Sistema Brasileiro deDefesa da Concorrncia - SBDC) in a specific agroindustry: the brazilian poultry agrochain,which has shown a very good performance in recent years, increasing its market share in theinternational trade. So, the better knowledge of this industrys strategy, mainly regardingmergers and acquisitions, and the action of Brazilian Competition Defense System becomesinteresting.

It was proceeded the analysis of the industrial market structure of the brazilian poultryindustry, looking for some tendency regarding production concentration, transnationalization(through acquisitions, mergers, joint-ventures, etc.).

In order to analyze the performance of the Brazilian Competition Defense System(Sistema Brasileiro de Defesa da Concorrncia - SBDC), we have presented the reportedviews of the Secretary of Economic Monitoring (SEAE - Secretaria de AcompanhamentoEconmico)2, regarding mergers, acquisitions as well as joint-ventures for the poultry sectorin the recent years. Intense action by the SBDC was verified, and the economic fundamentals

proved to be aligned with international standards. The dumping process imposed to Brazil byArgentina has been examined.

2. Methodology

A literature review was carried out regarding the poultry sector, as well a search in theSBDCs data, in order to verify the SEAEs reporter regarding the horizontal strategiesadopted by firms.

3. Characteristics of poultry industry

The Brazilian poultry production chain has shown great capability to adjust to themarket situation. The poultry sector, which is extremely competitive internationally,

presents one of the lowest production costs in the world with the use of new technologies.At present Brazil is ranked second after the USA in poultry meat production. Brazil also hasthe second position in the world poultry exports.

The Brazilian production of chicken meat has surpassed 7.5 million tons,approximately 80% of this total is for the internal market and 20% is for exportation. Themain destinations to chicken meat exports (whole chicken or chicken parts) are Middle Eastcountries (30.6%), followed by Asia (24.2%), and then European Union (15.6%). Acontinuous effort of the Brazilian poultry industry, searching for the international market,

brought them a qualitative confrontation and the need for a high standard quality andsanitation of the products required from the importing countries.

According to ABEF (2004) data, approximately 13.5% of the broilers slaughtered in2002 in Brazil was in companies that have the Federal Inspection System (SIF), which is 160companies altogether, distributed in 27 states. It is necessary to belong to the Federal

2 SEAE is an organ which is linked to the Ministry of Finance (Ministrio da Fazenda), and which integrates theSBDC.


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Inspection System in order to be able to export the products to other Brazilian states or toother countries.

4. Concentration ratios of poultry industry by firmsThe evolution of the market participation of poultry food processing companies canbe seen on Table 1. It is observed that Sadia holds the largest participation on the

production, growing from 11.8% in 2000 to 12.5% in 2002. Perdigo is ranked second,being responsible for 9% of the production in 2000 and increasing its participation to10.5% in 2002.

It is noticed that considering the national territory as relevant market, theconcentration ratio of the four largest processing companies (CR4) is 36% and it could beconsidered of medium concentration. It is noticed that between 2000 and 2002 there was anincrease in market concentration, from 32.4% to 36%.

Table 1. Ranking of production of poultry companies and their participation in percentage,2000-2002.

2000 2001 2002Business

Million/Slaughtered. %

Million/slaughtered.

%

Million/Slaughtered

.%

Sadia 382.20 11.80 401.77 11.7 451.64 12.5Perdigo 291.00 9.00 349.06 10.1 380.04 10.5Frangosul 196.60 6.10 224.92 6.5 250.75 6.9Seara 178.00 5.50 199.93 5.8 220.75 6.1Avipal 136.60 4.20 151.34 4.4 166.94 4.6Chapec 86.60 2.70 108.44 3.1 N.A* N.APenabranca 109.40 3.40 105.91 3.1 72.50 2.0Dagranja 94.20 2.90 98.65 2.9 102.25 2.8Aurora 74.20 2.30 74.38 2.2 86.46 2.4Sertanejo 48.80 1.50 49.44 1.4 58.20 1.6Copacol 39.20 1.20 41.42 1.2 43.76 1.2Pif Paf 35.20 1.10 38.76 1.1 41.26 1.1Others 1572.20 48.30 1580.01 46.5 1710.50 48.3Total BR 3,244.20 100.0 3448,85 100.0 3,617.96 100.0

Source: ABEF (2003); * not available

It is interesting to emphasize that in the cases of market concentration analyzed by theBrazilian System of Competition Defense, considering the geographic dimension for thedefinition of the relevant market of actuation of the companies, it is understood that, althoughthe production is concentrated in the South region of the country, the trading is done all overthe national territory, (part of that is to export). This way, it was considered as relevant marketthe national market, and in this situation the CR4 found was considered low. It is understoodthat the possibility of exerting market power of the companies was low, because of the rivalry

between the leader companies in the market.


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5. Strategies of Processing Agro Industry for increasing market shareSome cases of horizontal integration (mergers and acquisitions) are mentioned here,

together with their respective reports by the Secretary of Economic Monitoring (Secretaria doAcompanhamento Econmico SEAE). It is noticeable that the performance of Brazilian

Competition Defense System (Sistema Brasileiro de Defesa da Concorrncia - SBDC) hasbeen active, and that the judged cases try to incorporate the relevant economic concepts.

( i ) BRF International Foods: joint venture of Sadia and Perdigo (2001).Power alliances among chicken meat producing companies have proved to be an

alternative to face competition in the international market. The first companies to realize thepotential of this business match were Sadia and Perdigo. In 2001 they created BRFTrading, an exporting trade unit that aimed at incrementing national shipping of swine and

poultry meat produced by the two companies. Their goal was to sell to emergent markets withhigh trading potentials for Brazilian food products.

Keeping BRFs business headquarters abroad, each of the partners had a 50% share ofBRF Trading Companys capital. It had an independent administrative board, featuring anexecutive recruited among specialized professionals in the market, in order to interact withPerdigo and Sadias operational areas. BRFs target markets were Russia, Eurasiancountries, Egypt, South Africa, Angola, the Dominican Republic, Iran, Jordan and Iraq. Thenew company was supposed to develop its own brands and products, according to each of thecountrys demands and peculiarities.

However, the partnership has been broken, according to news from AviculturaIndustrial (10/29/2002). Thus, a company named Brazilian Fine Food will operate as anintegral subsidiary of Perdigo with the same administrative board, independent goals andoperational structures, as regards to its business units in Brazil and in Russia. Products with

the brand Fazenda (owned by BRF) will be launched in the Russian market to strenghen itsmarket share.According to information from Perdigo itself, BRF was extinguished when Perdigo

acquired 100% of its capital. From then on, Perdigo started operating alone under the nameof Brazilian Fine Food (BFF). At present, BFF still exists in Russia from the legal point ofview, but it does not act as a trader or as a brand anymore. It can be considered existent, butinactive.

Regarding the end of the partnership, in point of view of Perdigo, some of the goalstraced for the companys performance in the market were impaired. Firstly, this was a resultof Russian veterinarian authorities decision, not authorizing the trading of Brazilian productsdirectly in the retail market. Secondly, Perdigo concluded that the Russian market developed

in such a way that it accepts distinct trading operations from both industrial groups (Perdigoand BFF), without losing ground to other international players.SEAEs report analysis was favorable to the creation of BRF, with some restrictions 3.

Their report tried to identify whether this operation had any chances of damaging competitionin the internal market. This way, it considered the following factors: Sadias and Perdigoschicken and swine frozen meat market shares were low; the entrance to all the marketsaffected by the operation presented low barriers (internal and external markets); there was ahigh level of inoccupation in the industry; and finally, the fact that these products are regardedas internationally tradable commodities. These factors made the adoption of a coordinated

behavior by the companies unviable.

3

Report Number 191/CO)CPA/SEAE/MF, June21, 2001. Concentration Act number 08012.003123-64.avalaible at site: www.fazenda.gov.br/seae. Access on February 20, 2004.
http://www.fazenda.gov.br/sseaehttp://www.fazenda.gov.br/sseae


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Therefore, SEAEs report favored the joint venture with some restrictions: theexecutive in charge of BRFs commercial area cannot be linked to Sadia or Perdigo inanyway. In case of industrialized product exportation by the BRF, each company must beresponsible for fixing the prices of their own products, without any information exchange

between representatives from Sadia and Perdigo at BRF about the competition terms of their

respective businesses.

(ii ) The joint venture of Perdigo and Batvia (2000):SEAEs4 report authorizes the acquisition of Batvia by Perdigo because this act

does not significantly alter the chances of exercising market power in the in natura segment(chicken and swine), as much as in the swine meat processed products segment (sausage, hotdogs, ham-based products, salami and Italian sausage). This way, from the point of view ofthe competition, there are no impediments for the formation of this joint venture.

( iii ) Sadias acquisition of Miss Daisys assets, brands, trademarks and client lists

(2000):

SEAEs5 report approves this acquisition. It points out that this operationrepresents a conglomeration. Previously operating in the meat, grain and feed sectors, withthis move Sadia sets up operating also in the dessert sector. This way, this conglomerate doesnot alter the possibility of exercising unilateral and coordinated market power.

( iv ) Sadias acquisition of the controlling share of Granja Rezende (2000):SEAEs6 report approves this acquisition. It observes that there is only one

possibility of Sadia exercising unilateral market power of meat-processed food (28.50%).However, it concludes that this operation does not alter significantly the companies marketshare, both in the in natura product segment (chicken and swine), and in the meat-processedfood segment (medalions, breaded products, nuggets, ready-made dishes, snacks, hamburgers,kibbe, meat balls, sausage, hot dogs, ham-based products, salami, bacon, Italian sausage andmatured meats). Moreover, it points out the strong competition in these markets.

( v ) The joint venture of Agrcola Cargill, Sadia and Danone (2001):This association features a cooperative joint venture, whose goal is the

operation of a purchase consortium. SEAE has approved the consortium7, as long as somerules are followed. Firstly, there should be no agreement between the associated companiesconcerning supply purchase exclusiveness. Secondly, a security system for the informationobtained through the marketplace should be defined, concerning the necessary technologicaland legal tools to avoid the risk of the occurrence of illegal practices linked to the spreading

of this information.( vi ) Cobb-Vantress acquisition of all Avian Farm Inc. assets (2000):

According to SEAEs8 report, this operation was approved without restrictions.SEAE analyzed the possibility of Cobb-Vantress exercising unilateral and coordinated market

power in the agricultural and animal production segment (birds and eggs broiler breeders,called grandparents for the production of breeders). Nevertheless, the strong competitionthat rules this market makes the chances of exercising market power really small. Constant

4 Report number 263/COCPA/SEAE/MF, February 29, 2000. Concentration Act n. 08012.001922/00-62.5 Report s.d./COCPA/SEAE/MF, August 30, 2000. Concentration Act n. 08012.003916/00-01.6

Report s.d./COCPA/SEAE/MF, August 30, 2000. Concentration Act n. 08012.003915/2000-58.7 Report number 15/COCPA/SEAE/MF, June 21st, 2001. Concentration Act number 08012.003632-2001-97.8 Report number 422/COCPA/SEAE/MF, July 5, 2000. Concentration Act n. 08012.002326/2000-52.


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investments in technology are necessary (genetic improvement), and the introduction ofinnovations determines significant changes in the market share. The breeders are constantly

perfected, with new breeders being created in a search for efficiency. It is also mentioned thatthere has been no significant change in the market.

( vii ) Douxs acquisition of Frangosul:According to Avicultura Industrial (12/04/2002) the French group Doux, third

biggest world producer of birds, acquired the bird producer from Rio Grande do SulFrangosul in 1998 and since then it has already invested 113 million dollars. In this period, itincreased the number of integrated producers from 2300 to 3000, which resulted in thegeneration of over 6000 direct jobs.

( viii ) Chapec Companhia Industrial de Alimentos acquisition of Prenda (2000):In 2000, according to SEAEs9 report, Chapecs acquisition of the controlling share

of Prenda was approved. SEAE considers that this operation does not generate enough controlof market share to make the unilateral and coordinated exercise of market power possible. In

2003, SEAEs10 report also approved Coinbras leasing with an option to buy Chapecsoperational assets, without restrictions. It is pointed out that the operation does not involve a

purchase, but a leasing with an option to buy. SEAE also considers that Coinbra is acquiring innatura and processed meat businesses from Chapec. No possibilities of exercise of unilateralmarket power are identified, once Chapec owns a small market share in these markets, andCoinbra does not actuate in these segments in Brazil.

(ix) The partnership of Companhia Minuano de Alimentos e Avipal, with Sadia:The one-year-old partnership between Minuano and Avipal will industrialize 120

thousand birds that will be exported with the brand Sadia. Two breeder farms, a hatchery and aslaughterhouse will be used, and the production will aim at the export market. In the first phase,it will focus on whole chicken production and, in a second phase on chicken parts, which

provide better profit in the market, will be included (Avicultura Industrial, 01/19/2004).The literature mentions also some other cases, besides the BRF joint-venture, aiming at

increasing the external market share: (i) Unifrango, and (ii) Consrcio Gacho (Consortiumfrom Rio Grande do Sul).

( x ) Unifrango Case (2001)The partnership from Paran consists of centralizing the activities of 19 slaughtering and

processing plants involved in the international market so that they can work together from thepurchase of supplies to the trading of the production. This company started due to the

slaughtering and processing plants needs for competitiveness improvement in order to expandbusinesses. Unifrangos headquarters is located in the urban region of Curitiba, being is incharge of receiving the production, wrapping it, freezing it, stocking it, and of accomplishingexportation operations. The company will also act in the development of projects to permit the

production of bigger-aggregated-value products, such as canned foods and ready-made foods.With this partnership, slaughtering plants hope to amplify production by 50% in the next sixmonths. The group still intends to build a unit in the area of Paranagu Port (Porto deParanagu), with investments of R$20 million, that is, US$6.67 million (Avicultura Industrial,2001).

( xi ) Rio Grande do Suls Consortium (2001)

9 Report number 261/COCPA/SEAE/MF, June 14, 2000. Concentration Act n. 08012.001128/2000-7110 Report n. 06053/2003COCPA/SEAE/MF, April 24, 2003. Concentration Act n. 08012.002851/2003-11.


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Four exporting chicken slaughtering plants in Rio Grande do Sul consolidated aconsortium for trading their products in the external market. With an estimated joint slaughteryof 250 thousand chickens/day the companies Nicolini, Languiru, Frinal and Agrosul intend toexport 20% of their production. Nicolini and Languiru, 7th and 9th in the ranking of slaughtering

plants in Rio Grande do Sul, are already small-scale exporters. It has not been defined yet

whether the four companies will become associated by means of a consortium, a joint venture,or a cooperative. Besides this, other slaughtering plants may join this initiative. By exportingtogether, the companies hope for a reduction in logistic costs. Moreover, they will have agreater volume to export, often a fundamental condition to do business (Avicultura Industrial,2001).

According to FNP Consultoria e Agroinformativos (2003), the profit prospect in thepoultry sector attracts new companies abroad and inside the country, and the results aresignificant for the established ones. The volume exported in the last few years has made thesector still more interesting in the last few years, and the entrance of new companies in themarket involves new, substantial resources. However, the threat of the entrance of newcompetitors made the established companies to adopt a handful of strategies to preserve their

place in the market, besides the existing comparative advantages. The main difficulties for theentrants are: (i)scale economy; (ii) product differentiation; (iii) localized investments; and (iv)access to distribution channels.

As to the installation of multinational poultry industries in Brazil, there were rumorsthat Cargill would start the production of chicken in Brazil (through the purchase of thecompany Seara), owing to the disease influenza in Thailand, where Cargill has a plant.However, according the information obtained from the interview proceed in this research, thishas not occurred so far. There is also some speculation about the possibility of thetransnational company Sara Lee buying Perdigo or Seara companies, but nothing concretehas occurred so far. In case any of these transactions are to take place, they certainly will haveto be analyzed by the Brazilian System of Competition Defense, due to the dimension of thecompanies and to the existing market concentration at present.

(xii) Case of Brazil-Argentina dumping chickenThe Argentinean Secretary of Industry, Trade and Mining decided to initiate an

antidumping investigation regarding poultry proceeding from Brazil in 1998 after an intenseexchange of documents and reports. Letters were sent to five Brazilian exporters: Sadia S.A.(Sadia), Avipal S.A. Avicultura e Agropecuaria (Avipal) Frigorfico Nicolini Ltda. (Nicolini),Seara Alimentos S.A. (Seara), and Frangosul S.A. Agro Avcola Industrial (Frangosul)notifying among other things instigation of an investigation.

Judgment of the case concerning dumping imposed by Argentina on Brazil reached the

WTO forum, since Brazil appealed the decision given by the MERCOSUL court. As statedby Lozano (2003), this case demonstrates the institutional weakness of MERCOSUL, sincethis subject should have been settled within its jurisdiction.

After having been found guilty by the MERCOSUL Arbitration Court, Brazil appealedto WTO by means of resolution WT/DS241/R on April 22, 2003. Brazil received a favorableverdict, and Argentina was asked to revoke the antidumping measures. At present, Argentinashould either obey or appeal the WTO decision, although the latter option has little chances ofsucceeding.

6. Case study: Perdigo company

This case study was carried out at Perdigo Company, aiming at deepening some relevant

points regarding its internationalization strategy, through a unsuccessful joint venture signedbetween Perdigo and Sadia (BRF), its competitor in the domestic market. An interview took


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place with a company representative, to identify the main difficulties faced by the company inthe internationalization strategy

As to the main external barriers faced during the shaping of the Perdigo/Sadia jointventure, the interviewed subject states that he does not know about the existence of external

barriers imposed to the shaping of the new company (also because it survived for only one

year). In fact, the joint venture ended due to the strong competition existing between Perdigoand Sadia, in the internal as well as in the other exporting markets where BRF did not operate(the focuses of the joint-venture were Russia and Africa).

As regards to Perdigos other internationalization strategies, the person interviewedsaid that there were some plans. At present, the company has offices in London(approximately 10 employees), in the Netherlands (26 employees in Europe), and there arealso employees who live and work in Moscow, Japan and Singapore. Perdigo also has a

partnership with a small company in the Netherlands that is responsible for cutting cookedproducts. The chicken breast is exported in halves to be diced and sliced there, once this is themost commonly used raw material in the companies that produce ready-made dishes. This isan interesting partnership, in that it is able to attend to work orders immediately.

As to the installation of multinational poultry industries in Brazil, the personinterviewed answered that there were rumors that Cargill would start the production ofchicken in Brazil (through the purchase of the company Seara), owing to the disease influenzain Thailand, where Cargill has a plant. However, this has not occurred so far. There is alsosome speculation about the possibility of the transnational company Sara Lee buying Perdigoor Seara companies, but nothing concrete has occurred so far. In case any of these transactionsare to take place, they certainly will have to be analyzed by the Brazilian System ofCompetition Defense, due to the dimension of the companies and to the existing marketconcentration at present.

Concerning the soy suppliers for the companys feed, the subject emphasizes that theirgrain suppliers are big cooperatives and big producers, such as Ceval and Bunge. This way, itwas not possible to detect differences in the prices practiced by small and big suppliers thatmight show oligopsony power.

6. Final ConsiderationsChicken meat national production is around 7.5 million tons per year, with 80%

being destined to the national market and the remaining 20% being exported. Brazil is theworld second biggest producer, with a market share of approximately 12% in 2002.

The concentration ratio of the four biggest poultry processing companies (CR4) is36%, and it can be considered of medium concentration. We note that between 2000 and 2002

there was an increase in market concentration, as it passed from 32.4 to 36%. Sadia Companydetains the biggest share of the production, passing from 11.8% in 2000 to 12.5% in 2002.Perdigo is second in production, as it was responsible for 9% of the production in 2000 andincreased its share to 10.5% in 2002.

As regarding the horizontal integration strategies, it has been observed that poultrycompanies have developed strategies to increase the market share through merges,acquisitions and joint ventures, with national and also with multinationals companies. Theoperation of the Brazilian System of Competition Defense has been intense, once theSecretary of Economic Monitoring (Secretaria de Acompanhamento Econmico - SEAE) hasreleased reports about each concentration act, seeking to check if the operations do not alterthe possibility of unilateral or coordinated exercise of market power. So far, all the cases have

been approved because the chances of market power exercise have been found to be small.


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As regards to the international trade, it is interesting to observe that Brazil andArgentina were involved in an anti-dumping lawsuit in which Argentina accused Brazil of

practicing dumping, and the final result by the WTO has been favorable to Brazil.

8. References

ASSOCIAO BRASILEIRA DOS EXPORTADORES DE FRANGOS. Estatsticas.htpp://www.abef.com.br (01 fev. 2003)

ASSOCIAO BRASILEIRA DOS EXPORTADORES DE FRANGOS. Estatsticas.htpp://www.abef.com.br (01 mar. 2004)

FNP CPNSULTORIA & AGROINFORMATIVOS. Anualpec: anurio da pecuria brasileira.So Paulo, 1999, 2000, 2002. Aves e ovos.

BRASIL. Ministrio da Fazenda. Secretaria de Acompanhamento Econmico. ParecerTcnico sobre ato de concentrao n08012.003123-64. http:// www.fazenda.gov.br/seae(07 jan. 2004).

BRASIL. Ministrio da Fazenda. Secretaria de Acompanhamento Econmico. ParecerTcnico de ato de concentrao n08012.001922/00-62. http:// www.fazenda.gov.br/seae(07 jan. 2004).

BRASIL. Ministrio da Fazenda. Secretaria de Acompanhamento Econmico. ParecerTcnico de ato de concentrao n08012.003916/00-01. http:// www.fazenda.gov.br/seae(07 jan. 2004).

BRASIL. Ministrio da Fazenda. Secretaria de Acompanhamento Econmico. ParecerTcnico de ato de concentrao n08012.003915/2000-58. http://www.fazenda.gov.br/seae (07 jan. 2004).

BRASIL. Ministrio da Fazenda. Secretaria de Acompanhamento Econmico. ParecerTcnico de ato de concentrao n08012.003632/2001-97. http://

www.fazenda.gov.br/seae (07 jan. 2004).BRASIL. Ministrio da Fazenda. Secretaria de Acompanhamento Econmico. Parecer

Tcnico de ato de concentrao n08012.002326/2000-52. http://www.fazenda.gov.br/seae (07 jan. 2004).



DE QUILO em quilo. Avicultura industrial, v. 94, n.1093, 2001.

DOUX Frangosul comemora resultados: notcias da redao, 04/12/2002. Aviculturaindustrial, notcias da redao, 04/12/2002. So Paulo: Gessulli, 2002.http://www.aviculturaindustrial.com.br (12 jan. 2004)

JANK, M.S; MORAES, M.A.F.D.; FIGUEIREDO, M.G.; RODRIGUES, L.P.; DRR, A.C.;COSSA, K.E.G. The changing structure of the agri-food sector in Brazil and itseffects on trade and competition, available in http://www.latn.org.ar/eng_i_wp.html.

MINUANO faz parceria com Sadia: notcias da redao, 19/01/2004. Avicultura industrial,notcias da redao, 19/01/2004. So Paulo: Gessulli, 2004.http://www.aviculturaindustrial.com.br (22 jan. 2004)
http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.latn.org.ar/eng_i_wp.htmlhttp://www.latn.org.ar/eng_i_wp.htmlhttp://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/http://www.mdic.gov.br/


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PERDIGO assume BRF: notcias da redao, 29/10/2002. Avicultura industrial, notciasda redao, 29/10/2002. So Paulo: Gessulli, 2002.http://www.aviculturaindustrial.com.br (22 jan. 2004)

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Strategies_of_the_Poultry_Processing_Agro_Industry_and_the_action_of_the_Brazilian_Competiti.pdf