Sector News

CP Foods to acquire Canadian pork producer HyLife for $370m

April 24, 2019
Food & Drink

Charoen Pokphand Foods (CP Foods) is to acquire Canadian pork producer HyLife Investments for CAD 498 million ($370 million), expanding its presence in North America.

The deal will see CP Foods take control of 50.1% of HyLife, with Japan’s Itochu continuing to hold the remaining 49.9% of shares.

Manitoba-based HyLife produces and exports a range of premium pork products; set up in 1994, the company today processes more than 2 million hogs per year and exports to 20 different countries, employing over 2,000 people worldwide.

The two companies said that CP Foods’ investment would propel HyLife’s growth into the fast-growing Asian, North American and international markets.

HyLife CEO Grant Lazaruk said: “This is a win-win for HyLife, CP Foods and Manitoba’s agricultural industry. Together, our globally established companies will significantly strengthen our market position. Not only do we share similar values, but our strategies also correspond with one another. Through this agreement, we will build on the success of our growing pork business and brands to our customers globally, including our fresh chilled pork products to Japan, which we proudly grow and process right here in Manitoba.”

Claude Vielfaure, President of HyLife, added: “This new agreement will ensure continued job creation across the province and beyond as well as promote increased demand for our value-added pork. The Province of Manitoba has been open for business and has empowered our company to attract foreign investment and to enable us to grow our integrated pork company domestically and internationally. We are proud to put Manitoba on the world map and look forward to continuing our outstanding relationship with suppliers, partners and communities across Manitoba.”

By Alex Clere

Source: FoodBev

comments closed

Related News

December 3, 2022

AI central to Nestle’s innovation overhaul

Food & Drink

Nestle SA has accelerated its product development process by 60% since 2016, according to the company. The faster speed to market has been achieved through a restructuring of its research and development process. Now the company is investing in various forms of artificial intelligence (AI) and machine learning to further improve its R&D process and generate better results.

December 3, 2022

Takeover on the horizon? Brenntag makes preliminary indication of interest for Univar Solutions

Food & Drink

German chemicals distributor Brenntag has confirmed potential takeover talks with US rival Univar Solutions and is understood to be debating the feasibility of a potential acquisition in the coming months. Univar Solutions confirms that it has received a preliminary indication of interest from Brenntag regarding a potential transaction.

December 3, 2022

Cargill announces purchase of Owensboro Grain Company

Food & Drink

Cargill has announced the acquisition of Owensboro Grain Company, a soybean processing facility and refinery located in Kentucky. The purchase of the Owensboro-based company will support Cargill’s efforts to “modernise and increase capacity across its North American oilseeds network to support growing demand for oilseeds driven by food, feed and renewable fuel markets”.