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Biz News Korea(Eng)
CJ Group vows $4 billion M&A spending over next three years
- Collected
- 2017.01.03
- Distributed
- 2017.01.04
- Source
- Go Direct
With the group chairman Lee Jae-hyun returning to the helm through a special pardon that cut short his prison term, CJ has re-embarked on its global expansion campaign under the slogan “Great CJ” to achieve operating profit of 10 trillion and sales of 100 trillion won by 2020. The group’s sales are estimated to have reached over 30 trillion won last year.
“We aim to become not just great, but the world’s best,” said Sohn Kyung-shik, co-chairman of CJ Group and Lee’s uncle who has been running the group on Lee’s behalf in the New Year’s address to employees. Lee is still under hospital treatment after he was released from prison last summer after serving three years on charges of embezzlement, breach of trust, and tax evasion.
CJ Cheiljedang Corp., the core and food manufacturing unit of CJ group, will speed up its efforts for overseas expansion by increasing food products shipments to offshore markets and securing production base abroad. Its restaurant chain arm CJ Foodville targets to run 4,000 or more outlets in 15 countries across the world by 2020. The parcel delivery service unit CJ Korea Express is scheduled to build Asia’s largest logistics center in south of Seoul and food manufacturer CJ Freshway will open a logistics center in Vietnam in March for greater access to Southeast Asian market. Movie theater unit CJ CGV has opened cinema chain in Turkey to expand overseas.
By Jeon Ji-hyun and Lee Hee-soo
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]