A company from Thailand has bought 50.1 per cent of HyLife.
HyLife announced today that it has signed a Share Purchase Agreement with Charoen Pokphand Foods Public Company Limited (CPF) for the sale.
CPF is the third largest pork producer in the world.
Claude Vielfaure, President of HyLife, says CPF was interested in moving and growing in North America and decided to use HyLife as their venue to do that.
He also says the agreement will ensure continued job creation across the province and promote increased demand for the pork they produce.
“The opportunity for our workers in Neepawa and across Manitoba is going to be great as far as being able to move up in the company, as the company is growing,” said Vielfaure.
Grant Lazaruk, Chief Executive Officer of HyLife emphasized, “This is 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.”
“So as far as the operations, our leadership group, our management group, our people are all going to be the same, and the same decision making will be made by the Canadian company, the Canadian leadership group. The only thing is we’re going to have to get it approved by a different shareholder,” said Vielfaure.
Vielfaure says it's business as usual for HyLife. The company is stronger than ever, and they will continue to support the communities they are in.
In the press release, they say combining their forces will propel the growing demand for HyLife’s high-quality pork and enable the company to grow its current 2,500 employee workforce.
