South Korea's CJ buys Brazil soy protein maker from Chile's Corpesca

CJ CheilJedang

25/08/2017 18:48

SAO PAULO, Aug 25 (Reuters) - Brazilian soy protein maker 
Selecta said its owners had sold a 90 percent stake to South 
Korea's CJ CheilJedang Corp  097950.KS  for 450 million reais 
($143 million).  
    CJ Chief Executive Officer Chul Ha Kim on Friday will host 
an event in Goiania, where Selecta is based, to provide 
additional details on its investment plans for Brazil. 
    Chile's Corpesca SA  PES.SN  sold its 60 percent stake, 
according to a  statement from Selecta, one of the world's 
largest producers of soy protein concentrate, which is used to 
produce animal feed.  
    Minority shareholders also agreed to sell 30 percent of the 
company, which reports $360 million in annual revenue. 
    Brazil's agricultural sector has been a bright spot for an 
economy recovering from a brutal recession. 
    Selecta said its name would change to CJ Selecta and that CJ 
had the option to acquire the remaining 10 percent stake in the 
next two years. 
    The contract marks CJ's debut in Brazil's soy protein 
concentrate industry, where it already runs logistics, soy 
trading and bioscience businesses, Selecta said. 
    The company, whose current soy processing capacity is 
700,000 tonnes, said it expected to ramp up production by 50 
percent with investments promised by the new owner. 
    ($1 = 3.15 reais) 
 
 (Reporting by Ana Mano; Editing by Lisa Von Ahn) 
 ((ana.mano@thomsonreuters.com; Tel: +55-11-5644-7704; Mob: 
+55-119-4470-4529; Reuters Messaging: 
ana.mano.thomsonreuters.com@reuters.net)) 
 
Keywords: SELECTA M&A/CJ CHEILJEDANG