Hilton Food Group announced the signing of a 50/50 Joint Venture agreement with Sonae Modelo Continente for the supply of a wide range of packaged beef, lamb, veal and pork products to Sonae stores in Portugal. This follows a period of approximately six months of co-operation. Under the terms of the agreement, Hilton will work alongside Sonae to redevelop the production facilities of its packing and sourcing subsidiary Sonae Centro Processamento Carnes (CPC), which supplies Sonae stores in Portugal. CPC currently sources over 1,000 tonnes of packaged meat products per week. Products supplied from the plant will include mince, roasting joints and other beef and pork based products. The Joint Venture will be named SOHI Meat Solutions. The redevelopment of the production facility is expected to be completed by the end of the second quarter 2017. SOHI Meat Solutions will supply product to all Sonae's grocery stores and the partners believe that the Joint Venture will be in a position to increase the overall volumes supplied to the Portuguese market. The facility will require an initial investment of €22 million, financed principally by the Joint Venture partners. Hilton's share of the investment will be financed primarily by debt. The Board expects the new facility to be earnings enhancing in 2017.