CJ Group’s headquarters in central Seoul. (Yonhap)
SEOUL, July 31 (Korea Bizwire) — South Korean food giant CJ Cheiljedang Corp. said Monday it has sold off all of its shares in Chinese food company Sichuan Jixiangju Food at 300 billion won (US$235.8 million).
CJ Cheiljedang had bought a combined 60 percent share in the Chinese firm, which deals with Chinese foods, including “zhacai,” a Chinese-style pickled vegetable, for 38.5 billion won on two occasions, in 2011 and 2016.
Sichuan Jixiangju Food, which posted 209.1 billion won in sales, was one of the two food companies that CJ Cheiljedang owned in China, along with CJ Qingdao Foods, focusing on manufacturing and distributing the South Korean food giant’s products.
CJ Cheiljedang said it will concentrate on expanding its Korean food business in China through CJ Qingdao Foods, especially its global strategic products (GSPs), which refer to dumplings, rolls, fried chicken, rice, kimchi, Korean-style sauces and seaweed.
Last year, CJ Cheiljedang raised 165 billion won in sales with GSPs in China, up 33 percent from a year earlier.
(Yonhap)
