CP Foods buys Canadian pig producer
The largest pork exporter in Canada has been sold to Charoen Pokphand Foods (CP Foods), the third largest pig production company in the world. The deal is worth almost $500 million and the price was paid for 50.1% of the company's shares. Itochu, a Japanese company, owns the remaining 49.9% from a previous transaction.
The sale is still subject to regulatory approval and until the transaction is approved the company will be run by its founders.
"I think it's an opportunity. This global transaction can only make the gateway to Asia more clear and direct", commented Sylvain Charlebois, Dalhousie University food professor. CP Foods has operations in 17 different countries around the world and is a vertically integrated company involved in pork and poultry, aquaculture, animal feed and restaurant businesses. It's a family business owned by Dhanin Chearavanont, reputed to be the wealthiest man in Thailand. The company's goal is to produce 60 million pigs/year within 10 years, according to information offered from inside sources.
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