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CJ CheilJedang reportedly disposed of its entire stake in CJ Selecta, its Brazilian subsidiary. Based on the report, the company is selling the 66% stake to Bunge Alimentos S.A. for an estimated price of KRW480.5 billion or around $356.2 million.
Then again, the mentioned amount is provisional as of this time, and CJ Cheiljedang has yet to determine the final price when they reach the closing of the deal stage. The buyer, Bunge Alimentos S.A., is the Brazilian unit of the Missouri-based agribusiness and food company Bunge Limited.
CJ Cheiljedang's Plans After the Sale of CJ Selecta
As per Korea Joongang Daily, the South Korean food manufacturing firm said that it will use the funds from the sale for the development and upgrade of its biotech business. The plan is to focus on high-value specialty amino acids and solution products to boost the unit. Part of the sales proceeds will also be used to improve operational efficiency.
The CJ Group's food arm said on Tuesday, Oct. 11, "The divestment was decided based on our 'selection and concentration' approach. While the proceeds are planned to be used to enhance business competitiveness, the specific allocation has yet to be finalized."
Facts about CJ Selecta
CJ Selecta is reportedly a leading brand that holds the largest placement in the global soybean processing industry. The brand has been marked as a valuable asset within CJ CheilJedang's business portfolio, with its revenue reaching KRW1.13 trillion last year. The sales were said to have been boosted by the rising prices of soybeans.
In any case, The Korea Economic Daily reported that CJ CheilJedang purchased Brazil-based Selecta in 2017 for KRW360 billion. The entire transaction for the acquisition of the whole 66% stake went on until 2019.
The division of ownership of the acquired stake was revealed to be 10% for CJ Cheiljedang and the remaining 56% for CJ Latam, the firm's purpose unit. Since the purchase, the soybean processing company has been renamed CJ Selecta.
Photo by: CJ Cheiljedang Website
