October 12, 2023

South Korea's CJ CheilJedang to sell full ownership of CJ Selecta SA in Brazil

South Korean food giant CJ CheilJedang Corp. said on October 10 it will sell its full ownership in Brazilian soybean crusher CJ Selecta SA, or a 66% stake, to grain products producer Bunge Alimentos SA, the Brazilian unit of US food company Bunge, at an estimated ₩480.5 billion (US$359.4 million).

Bunge Alimentos is the Brazilian unit of US food company Bunge.

CJ Selecta produces and supplies vegetable proteins to the animal feed, chemical and pharmaceutical industries. The company posted ₩1.13 trillion in revenue last year.

CJ CheilJedang acquired Brazil's leading soy protein concentrate producer, Selecta, at ₩360 billion in 2017 and changed the company's name to CJ Selecta. 

The South Korean food giant stated it seeks to intensify its bio businesses and improve management efficiency via the sale. It is in talks with Bunge Alimentos to finalise the date of the transaction. 

- The Korea Economic Daily