CJ CheilJedang Corp., the core and food manufacturing unit of South Korea’s CJ Group, will invest a total of 900 billion won ($796.5 million) to build the country’s biggest food processing factory and acquire world’s leading soy product supplier Sementes Selecta S.A.

The company’s bold investment decision comes a few weeks after Lee Jae-hyun, chairman of the country’s leading retail, food, and entertainment conglomerate CJ Group, returned to the helm following his absence for four years, which had led the group companies to restrain themselves from any major investment.

CJ CheilJedang said on Monday that it will invest 540 billion won to build a 330,000-square-meter integrated food processing and production facility in Jincheon, North Chungcheong province in Korea and another 360 billion won to buy out Brazil’s Sementes Selecta.

The company is expected to sign a contract with Sementes Selecta to acquire a 90 percent stake in the world’s top producer of soy protein concentrate on Tuesday (local time in Brazil). CJ CheilJedang expected that the addition of Sementes Selecta to its business portfolio should help it become a comprehensive plant-based high protein feeds materials supplier that is capable of producing not only fermented soybean meals but also soy protein concentrate.

Last year, Sementes Selecta raised 55 billion won in operating income on sales of 400 billion won. The Brazilian company has an extensive sales network across 37 countries, boasting of its competitive edge in distribution as it directly ships its products from the locations where it produces soybeans, a main ingredient to produce soy protein concentrate.

Initially, CJ CheilJedang had pushed forward to acquire an entire stake in Sementes Selecta, but it decided to go with 90 percent to allow its existing shareholders to participate in the early stages of the Korean firm’s management by sharing their knowhow on the Brazilian firm’s material purchase, production, and sales. CJ CheilJedang plans to take over the remaining 10 percent stake within two to three years, according to the company.

The Korean food company announced its second overseas buyout deal in less than two weeks. Earlier this month, the company revealed that it successfully gained the final nod from the Russian government to buy a full stake in Russian frozen food maker Ravioli for 30 billion won.

At home turf, the company also plans to build the country’s biggest integrated food processing base in Jincheon. Upon completion, the factory is expected to process 120,000 tons of food, worth 500 billion won, every year and it will churn out not only simple ready-to-cook or eat meals but also instant rice and various processed pork, poultry and frozen food products.

The company is accelerating its drive to expand its position in not only local food processing industry but also in the global stage after it had been refrained from aggressive investments amid a leadership vacuum. CJ Group Chairman Lee declared his official return to chairmanship in mid-May after four years of absence due to his imprisonment from criminal wrongdoings and treatment of his hereditary disease. Since his return, he has been pushing efforts to develop new business opportunities and get stalled business projects back on track.

By Baek Sang-kyung and Lee Hee-soo

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