CJ CheilJedang, one of South Korea’s largest makers of processed foods, is to build of a production facility in Jincheon County in the centre of the country.
In a stock exchange filing, CJ CheilJedang said it would spend KRW541bn (US$479.3m) on the project, with construction to start in August.
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CJ CheilJedang said the site is slated to be complete in October 2020 and would have an eventual production capacity of 120,000 tons per year, which would make it the largest processed food factory in the country.
In a separate filing, CJ CheilJedang announced the acquisition of Sementes Selecta S.A, a Brazilian concentrated soybean protein company, for KRW360bn. At the start of the month, CJ CheilJedang completed a deal to buy Ravioli, a Russian frozen food company, for KRW30bn.
The latest investment string comes amid the return to management by CJ CheilJedang chairman Lee Jay-Hyun who had served a prison term for embezzlement and tax evasion. He was released in August 2016 on a presidential pardon. Lee said he would invest KRW36trn by 2020 to secure the future growth of the group.
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By GlobalData
