Thai CPF to acquire Canadian pork producer HyLife for $372 million
BANGKOK, April 22 (Reuters) - Charoen Pokphand Foods Pcl
(CPF), Thailand's largest agriculture conglomerate,
said on Monday it would acquire Canadian pork producer HyLife
Investments for C$498 million ($372.7 million) to expand its
North American business.
The acquisition would make CPF a 50.1 percent owner of
HyLife, with the remainder held by its Japanese partner, Itochu
Corp, CPF said in a statement.
CPF said the investment would give it access to a pork
production base and opportunity to expand in North America and
premium markets such as Japan.
CPF, which has livestock, aquaculture, animal feed, and
restaurants businesses across 17 countries, is owned by
Thailand's richest man, Dhanin Chearavanont.
Dhanin's other businesses span convenience stores, insurance
CPF's purchase of HyLife will improve its product portfolio
of cooked pork products for the Chinese market and expand its
presence in the United States. HyLife, which has processing
plants in Canada and Mexico, has businesses including feed
manufacturing, hog production and distribution of pork products.
CPF previously said that it expects up to 10 percent sales
growth in 2019 and targets sales of over $18.2 billion over the
next five years.
The purchase is the latest overseas acquisition for CPF,
which bought U.S. frozen-food producer Bellisio Parent LLC for
$1 billion in 2016.
($1 = 1.3362 Canadian dollars)
(Reporting by Chayut Setboonsarng; editing by Christian
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