.Published: 19 Nov. 2024, 13:46.Updated: 19 Nov. 2024, 17:24.
KIM JU-YEON.kim.juyeon2@joongang.co.kr. CJ CheilJedang’s manufacturing plant in Busan [NEWS1] CJ CheilJedangu00e2 $ s stock price surged through over 6 per-cent on Tuesday hangover documents developed that the food business will definitely be selling its bio organization, predicted to become worth over 5 mountain gained ($ 3.6 billion). The company’s allotments rose through 6.41 percent, or even 16,500 succeeded, coming from the previous exchanging treatment to 274,000 gained straight after markets opened, and also of 1:30 p.m., depending on to data coming from the Korea Swap.
CJ has actually opted for Morgan Stanley as its own financial adviser for the sale, according to a resource priced estimate by Market Knowledge on Monday. CJ CheilJedang’s biography company primarily focuses on creating food spices as well as amino acids for pet feed making use of environment-friendly biography modern technology. It is actually also the international market forerunner for some creature feed amino acid products such as lysine and also tryptophan.
The division has likewise been among CJ CheilJedangu00e2 $ s pair of main motorists of growth together with its own food service u00e2 $” its own revenue of 4.134 trillion won in 2015 accounted for 23 per-cent of the business’s purchases, while its operating revenue composed 30 per-cent. Regional media documents also speculated on a feasible merger and also acquisition through CJ along with funds coming from the sale. The firm sold CJ HealthCare, its own wellness practical food items department, for 1.3 mountain gained in 2018 as well as utilized the funds to acquire U.S.-based frozen meals company Schwanu00e2 $ s Firm in 2019.
Schwanu00e2 $ s greatly helped in CJu00e2 $ s ride in purchases in the United States, especially by opening circulation networks for CJu00e2 $ s Korean food items brand Bibigo. CJ CheilJedangu00e2 $ s U.S. sales rose through 64 percent over pair of years from 2019 u00e2 $” coming from 3.1 mountain succeeded in 2019 to 5.2 trillion succeeded in 2022.
The Korea Swap asked for an inquiry acknowledgment coming from CJ CheilJedang on Tuesday. The company will certainly be required to file a document through 6 p.m. BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]