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Biz News Korea(Eng)
CJ CheilJedang completes acquisition of Brazil’s Selecta
- Collected
- 2017.08.29
- Distributed
- 2017.08.30
- Source
- Go Direct
South Korea’s food conglomerate CJ CheilJedang Corp. completed its buyout of a 90 percent stake in the Brazilian soy protein maker Sementes Selecta S.A. for 450 million reais ($143 million) to form CJ Selecta, in a bid to grow its vegetable protein business and expand its presence in the global animal feed market.
The launch of CJ Selecta, announced by CJ CheilJedang on Monday, comes in nearly three months after CJ CheilJedang revealed its plan to buy the Brazilian company.
Sementes Selecta is the world’s largest manufacturer of soy protein concentrate, a key material for livestock feed. It posted an operating profit of 55 billion won ($48.8 million) on sales of 400 billion won last year. The company has a broad network stretching across 40 countries and a strong logistics capability as Brazil is the world’s second largest producer of soybeans.
CJ Selecta would now be able to produce not only fermented soybean meal but also soy protein concentrate, according to an official at CJ CheilJedang. These two products will be central in making feed for all animals, including pigs, fish and chickens.
On Friday (local time), CJ CheilJedang hosted an event in Goiania, Brazil, where Selecta is based, to celebrate the launch of CJ Selecta. “We will continue seeking growth in new global businesses to become a world-leading food company,” Kim Chul-ha, chief executive of CJ CheilJedang, said at the event.
CJ CheilJedang said it expects the new affiliate to generate 800 billion won in sales from South Korea, Brazil, Vietnam and China by 2020.
The launch of CJ Selecta, announced by CJ CheilJedang on Monday, comes in nearly three months after CJ CheilJedang revealed its plan to buy the Brazilian company.
Sementes Selecta is the world’s largest manufacturer of soy protein concentrate, a key material for livestock feed. It posted an operating profit of 55 billion won ($48.8 million) on sales of 400 billion won last year. The company has a broad network stretching across 40 countries and a strong logistics capability as Brazil is the world’s second largest producer of soybeans.
CJ Selecta would now be able to produce not only fermented soybean meal but also soy protein concentrate, according to an official at CJ CheilJedang. These two products will be central in making feed for all animals, including pigs, fish and chickens.
On Friday (local time), CJ CheilJedang hosted an event in Goiania, Brazil, where Selecta is based, to celebrate the launch of CJ Selecta. “We will continue seeking growth in new global businesses to become a world-leading food company,” Kim Chul-ha, chief executive of CJ CheilJedang, said at the event.
CJ CheilJedang said it expects the new affiliate to generate 800 billion won in sales from South Korea, Brazil, Vietnam and China by 2020.
By Lee Hee-soo
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