Thai CPF to acquire Canada’s HyLife for $372 million

BANGKOK: Charoen Pokphand Foods Pcl (CPF), Thailand’s largest agriculture conglomerate, said on Monday it would acquire Canadian meat producer HyLife Investments for C$498 million ($372.7 million) to expand its North American business.

The acquisition would make CPF a 50.1 per cent owner of HyLife, with the remainder held by its Japanese partner, Itochu Corp, CPF said in a statement. CPF said the investment would give it access to HyLife base and opportunity to expand in North America and premium markets such as Japan.

CPF, which has livestock, aquaculture, animal feed, and restaurants businesses across 17 countries, is owned by Thailand’s richest man, Dhanin Chearavanont.

Dhanin’s other businesses span convenience stores, insurance and telecommunications.

CPF’s purchase of HyLife will improve its product portfolio of cooked meat products for the Chinese market and expand its presence in the United States. CPF previously said that it expects up to 10 per cent sales growth in 2019 and targets sales of over $18.2 billion over the next five years.

— Reuters