January 9, 2013

Itochu acquires 33.4% stake in Hylife

Itochu Corp. has bought a 33.4% share of HyLife Group, based at La Broquerie, Manitoba.

The deal is based on the understanding that HyLife's expansion strategy "most prioritises markets of Japan and Asia" where the two companies could mutually help each other.

HyLife's sales of "safe, secure pork" are expected to increase through Itochu's marketing network in the Asian market, "with a focus on China, where consumption continues to grow, as well as in the Japanese market."

Itochu said it expects the HyLife deal to help expand its business with China's Longda Foodstuff Group, a "significant partner" of Itochu's, by way of "technical exchanges in the field of pig production."

Tokyo-based Itochu's Canadian holdings until now have included an office in Vancouver, Canada, and ownership of CIPA Lumber Co., a manufacturer of softwood veneers at Delta, British Columbia.