CJ CheilJedang will sell its feed and livestock subsidiary CJ Feed&Care for around 1.2 trillion won.
According to related industries on the 1st, CJ CheilJedang is set to convene a board meeting that day to table an agenda to sell 100% equity in CJ Feed&Care to Royal De Heus, a Dutch feed corporations. Royal De Heus was founded in 1911 by the De Heus family as a grain and milling trade corporations and has expanded its scope.
CJ Feed&Care posted 2.3085 trillion won in revenue and 74.7 billion won in operating profit last year. Revenue fell from a year earlier, but operating profit swung to the black.
CJ Feed&Care runs 27 feed plants across seven Asian countries and engages in feed and livestock businesses. Earlier, in 2020, it unveiled the fresh meat brand "Meat Master."
CJ CheilJedang has been pushing to streamline noncore businesses. The sale of CJ Feed&Care has been attempted several times over the past few years. If CJ CheilJedang sells CJ Feed&Care, it will secure more than 1 trillion won in cash to strengthen its financial soundness and invest in future growth businesses.