Canada’s largest pork company is being bought by a Thai food conglomerate.
Charoen Pokphand Foods (CPF), which is owned by Thailand’s richest man, has announced the purchase of HyLife for $373.1 million (U.S.). The deal will give CPF 50.1% of HyLife, with the rest to be owned by Itochu Corp., CPF’s Japanese partner.
HyLife, based in Manitoba, is the largest pork producer and processor in Canada, with plants in Canada and Mexico. It claims to process more than 2 million hogs per year and export to 20 countries.
CPF, an agriculture conglomerate with livestock, aquaculture, animal feed and restaurants, is owned by billionaire Dhanin Chearavanont. He is the son of the company’s founder and head of the fourth-richest family in Asia, according to Forbes. The acquisition of HyLife will allow CPF to expand its presence in North America, as well as China and Japan.