CJ Corp, one of South Korea’s largest food processing companies, has announced its takeover of seafood processing company Samho F&G Inc.
Samho F&G posted sales of KRW161bn (US$165.7m) last year. The move is designed to strengthen CJ’s competitiveness in its core business activities, Yonhap News reported.
CJ has acquired as 46.26% stake in Samho F&G, for approximately KRW20bn.
“The takeover is part of efforts to enhance our business profile in the food processing sector,”a CJ official said. “We are to conclude a formal contract on the deal in March after a month of due diligence.”