CJ CheilJedang acquires Brazilian soy protein maker

CJ CheilJedang, a leading maker of processed foods in Korea, said Monday it had completed the acquisition of a Brazilian company to expand its foothold in the vegetable protein business.

Earlier in June, the Korean food maker announced its plan to buy Selecta, a Brazilian company that manufactures soy protein concentrate, for 360 billion won ($320 million). It is a leading manufacturer of sustainable vegetable protein with sales reaching 400 billion won last year. Its operating income was 55 billion won, according to CJ CheilJedang.

“We have established CJ Selecta with a plan to make Brazil our outpost for business in South America,” CJ CheilJedang CEO Kim Chul-ha said.

The company expects its new affiliate to post 800 billion won in sales from four countries - Korea, Brazil, Vietnam and China - by 2020.

Yonhap