Thai company to buy HyLife
- Details
- Published on Monday, April 22, 2019
Banner Staff
On April 22, HyLife鈥檚 Founder Management Group announced that they entered into a Share Purchase Agreement with Charoen Pokphand Foods Public Company Limited (CPF) to purchase 50.1 percent of the company鈥檚 shares, with ITOCHU continuing to own 49.9 percent of the remaining shares. The transaction is subject to customary conditions and is expected to close during the third quarter of 2019.
HyLife and CPF (a Thailand agro-industrial and food company) will leverage their shared corporate values of environmental friendliness and social responsibility while building synergy and growth between our two companies. This agreement with CPF will propel HyLife鈥檚 growth into the fast-growing Asian, North American and international markets, while proudly showcasing 水果视频鈥檚 locally grown and produced high-quality pork.
In a release, the Management Group said, "For some time now, we have been evaluating several strategic options for our company. This share purchase agreement will be a great partnership for the following reasons: Through this agreement, we will build on the success of our growing pork business and brands to our customers globally, including our fresh chilled pork products to Japan, which we proudly grow and process right here in 水果视频; Combining forces will propel the growing demand for HyLife鈥檚 high-quality pork and enable our company to grow our integrated pork company domestically and internationally; and HyLife鈥檚 partnership with CPF will showcase our outstanding network of 水果视频 suppliers, customers and community partners across Asia, North America and international markets."
The only changes are expected to take place at the senior management level, with current president, Claude Vielfaure; chairman, Don Janzen; and executive COO, Denis Vielfaure retiring once the deal closes. Upon successful closing, Grant Lazaruk will assume the management role of President and CEO of HyLife. In the the statement, the group adds, "Other than this change in ownership, you can expect it to be business as usual at HyLife. Our name, our suppliers, customers, employees, and our corporate philosophy and values will remain intact."
HyLife is a globally respected business that produces 2.3 million hogs and processes 2 million hogs annually, with the pork being sold to over 20 countries. "This is an important next chapter for HyLife, and there is much more we can accomplish together. We are incredibly proud of the company that we have built, and we are excited about our future as a respected leading pork producer and global exporter of high-quality pork products," said the Management Group.
Addition: The deal is valued at $498 million.
