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Food manufacturer CJ CheilJedang said Monday that it will be investing 900 billion won ($796.5 million) to build new production plants and acquire a top producer of soy protein concentrate.
The plan includes a 540 billion won investment to build a food production complex in Jincheon, North Chungcheong Province, by 2020. The plant will begin construction in August and start operation next October, with an expected production capacity of 12 tons a year. The factory will focus production on home meal replacements, including instant rice, instant meals and frozen foods, according to the company.
The plan includes a 540 billion won investment to build a food production complex in Jincheon, North Chungcheong Province, by 2020. The plant will begin construction in August and start operation next October, with an expected production capacity of 12 tons a year. The factory will focus production on home meal replacements, including instant rice, instant meals and frozen foods, according to the company.
CJ CheilJedang will also be acquiring Selecta, a leading Brazilian company that produces soy protein concentrate, for 360 billion won. Soy protein concentrate is used widely in animal feed and also in food products to increase nutritional value.
Last year, Selecta sales were equivalent to about 400 billion won.
The company hopes to reach over 800 billion won in sales in the plant-based protein market by 2020 by combining Selecta’s sales with fermented soybean meal production in Korea and Vietnam.
By Won Ho-jung (hjwon@heraldcorp.com)
