HyLife set to change hands

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This article was published 21/04/2019 (1803 days ago), so information in it may no longer be current.

A deal announced on Monday, spells major change for La Broquerie-based HyLife, but the pork industry giant stressed in a release that shared corporate values of environmental friendliness and social responsibility while investing in their employees, customers, and communities will continue.

Thailand’s Charoen Pokphand Foods (CPF) has struck a share purchase agreement to take a 50.1 percent interest in HyLife, while Japan’s ITOCHU will retain its 49.9 percent stake in the company.

HyLife’s chief executive officer Grant Lazaruk called the deal a, “win-win for HyLife, CPF and Manitoba’s agricultural industry.”

“Together, our globally established companies will significantly strengthen our market position. Not only do we share similar values, but our strategies also correspond with one another,” he said in Monday morning release.

“Through this agreement, we will build on the success of our growing pork business and brands to our customers globally, including our fresh chilled pork products to Japan which we proudly grow and process right here in Manitoba.”

HyLife president Claude Vielfaure added that the proposed agreement will ensure job creation across the province and beyond as well as promote increased demand for the company’s “value-added pork.”

“We are proud to put Manitoba on the world map and look forward to continuing our outstanding relationship with suppliers, partners and communities across Manitoba,” he said.

HyLife currently employs over 2,500 people.

The company said the transaction is subject to customary conditions and Canadian and international regulatory approvals and is expected to close during the third quarter of 2019.

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