The Charoen Pokphand Group has entered into a Share Purchase Agreement with Canadian pork producer HyLife Investments to purchase 50.1% of the company’s shares, with ITOCHU continuing to own 49.9% of the remaining shares. According to Reuters, Thailand’s largest agriculture conglomerate announced the $498 million (CAD) ($372.7 million USD) acquisition to expand its North American business Monday.

CP Foods said the investment would give the company access to a cost-efficient pork production base and the opportunity to expand into Japan and North America.

CP Foods is a diversified transnational conglomerate that consists of three core businesses that operate in the agri-food industry, retail and distribution and telecommunications, as well as involved in 10 other industries like finance, real estate, pharmacy and machining. Its business covers more than 100 countries with more than 350,000 employees around the world. CP group has up to 800,000 sows globally, the Group’s revenue from the agri-food sector totaled $ 5,6 million, with 65.6% coming from China and 34.5% from Thailand and Vietnam. In 2018, CP China produced 2.8 million hogs mainly from Hubei, Henan and Shanxi.

Headquartered in the central Canadian community of La Broquerie, Manitoba, HyLife produces 2.3 million hogs and processes 2 million hogs annually, with the pork being sold to more than 20 countries.