CJ buys Chinese amino acid maker

Home > Business > Industry

print dictionary print

CJ buys Chinese amino acid maker

Food maker CJ CheilJedang agreed to acquire Ningbo Zhenhai Haide Biochem, a Chinese manufacturer of amino acids, in a push to expand its bio business in the global market, the company said on Monday.

The food unit under CJ Group will acquire a 100 percent stake of the Chinese company for 36 billion won ($31 million).

With the takeover, CJ CheilJedang will increase its amino acid products portfolio to over 40, which will include functional amino acids and amino acid derivatives, according to a statement released by the food maker.

Functional amino acids are used in a wide range of products including food, cosmetics, fertilizers and health supplements.

CJ CheilJedang is also expected to use Haide’s expertise in refining technology in conjunction with CJ’s strength in fermentation technology.

Built in 1986, Haide has two production lines in the Zhejiang province of China, with some 300 distribution channels across the country.

“With the acquisition of Haide, we will continue our efforts to become a global player in the functional amino acid market,” said Noh Hang-deok, vice president at CJ CheilJedang.

The move is in line with CJ Group’s emphasis on targeting the global market this year.

CJ Group said earlier this year that it will focus on mergers and acquisitions as part of plans for global expansion, following a prolonged leadership vacuum that has halted major investment in recent years.


BY PARK EUN-JEE [park.eunjee@joongang.co.kr]




More in Industry

Ballantine's boys

Doing the robot

Export growth of 6% seen by KITA next year

Big companies, fearing the worst, scramble for cash

Hyundai unveils one-size-fits-all electric vehicle module

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now