CJ Cheiljedang Co., South Korea's leading food and biochemical company, said Monday it has signed a 36 billion won ($30.6 million) deal to take over Ningbo Zhenhai Haide Biochem Co., a Chinese amino acid producer.
The food unit under CJ Group said the deal is aimed at taking advantage of its 40 different amino acid products and global sales network.
Founded in 1986 in northeast Zhejiang province in China, Ningbo Zhenhai Haide has produced amino acids for a wide range of uses including health products, living items and fertilizer.
CJ Cheiljedang said it plans to make a big investment to develop key technologies and build facilities in the next five years to expand its portfolio in the medical sector. (Yonhap)