Thai meat giant Charoen Pokphand Foods (CPF) has bought a majority stake in Hong Kong-listed CK Pokphand.

On Friday (25 November) CPF announced the acquisition of a 74.18% stake in the Vietnam-based feed business and agribusiness services firm.

CPF says CP Pokphand operates in 28 provinces and territories across China with sales of sales of US$1.2bn. It also has sales of US$648m in Vietnam.

Adirek Sripratak, president and CEO of CPF, said the acquisition will enable the company to expand its business into both China and Vietnam, a country he says is undergoing significant economic growth, especially in agriculture.

The company expects sales to grow significantly following the acquisition.