December 7, 2004
South Korea's CJ Corp. Acquires Feed Plant in Turkey
CJ Corp., South Korea's No. 2 feed producer, has acquired a feed production facility in Turkey for US$2.1 million.
The plant, located in the northeastern port city of Bursa, has an annual production capacity of 72,000 tons.
"The purchase is designed to support our business expansion into Europe and West Asia," according to the company.
CJ, also South Korea's top food maker, has already made inroads into the feed markets of China, Indonesia, Vietnam and the Philippines.
Having earned revenue of 310 billion won ($296 million) from feed production in 2003, CJ expects to earn $340 billion from the sector this year.
Meanwhile, CJ said that it has spun off its agriculture, seafood, processed food and drink businesses from its Chinese subsidiary to boost managerial efficiency.