April 23, 2019
CPF to acquire Canadian pork producer HyLife for US$372 million
Charoen Pokphand Foods Pcl (CPF) said on Monday it would acquire Canadian pork producer HyLife Investments for C$498 million (US$372.7 million) to expand its North American business, Reuters reported.
The acquisition would make CPF a 50.1% owner of HyLife, with the remainder held by its Japanese partner, Itochu Corp.
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's purchase of HyLife will also 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 production, swine production and distribution of pork products.
The purchase is the latest overseas acquisition for CPF, which bought US frozen-food producer Bellisio Parent LLC for US$1 billion in 2016.