April 7, 2004

South Korea's CJ Group Building US$100 Million Lysine Production Plant in Liaocheng City, China

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South Korea's CJ Group is investing US$100 million in the construction of a 60,000 MT lysine production plant in the Liaocheng Economic Development Zone of Shandong province in China.

Mr Jin Zhouheng, Chairman of CJ Group, and Mr Xing Hengeng, commissioner of South Korea in Qingdao, officiated at the ground-breaking ceremony held on April 6. Other officials present are: Deputy head of Provincial Economy & Trade Bureau in Shandong, Mr Liang Bo; head of Shandong Provincial Environment Board, Mr Che Chunbing; deputy head of Shandong Provincial Foreign Affairs, Mr Wang Youcheng; deputy head of Shandong Provincial Animal Husbandry Board, Mr Liu Bingtan; Secretary of Liaocheng city, Mr Guo Zhaoxing; Shandong provincial official Mr Lu Baoming; Liaocheng city government official, Mr Zhang Shuren; deputy mayor of Liaocheng city, Mr Kong Zhaoxing and several other Chinese officials.

The first phase of the project is reported to cost US$48 million and will be completed at the end of 2004.

CJ Group decided to build the lysine production plant in Liaocheng city as it is one of China's major corn-producing regions, with bountiful natural assets and a pool of competitive human resource. The rapid improvement of the poultry and livestock production industries, as well as food processing industry, in China and worldwide, is another consideration.

CJ Group was established in 1953, and is today a well-known multinational company involved in a wide range of businesses, including production of lysine, threonine, monosodium glutamate, nucleic acid, granulated sugar, etc. CJ Group is currently listed as the thirteenth largest company in South Korea.