Charoen Pokphand Foods (CP Foods) is to acquire Canadian pork producer HyLife Investments for CAD 498 million ($370 million), expanding its presence in North America.

The deal will see CP Foods take control of 50.1% of HyLife, with Japan’s Itochu continuing to hold the remaining 49.9% of shares.

Manitoba-based HyLife produces and exports a range of premium pork products; set up in 1994, the company today processes more than 2 million hogs per year and exports to 20 different countries, employing over 2,000 people worldwide.

The two companies said that CP Foods’ investment would propel HyLife’s growth into the fast-growing Asian, North American and international markets.

HyLife CEO Grant Lazaruk said: “This is a win-win for HyLife, CP Foods 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. Through this agreement, we will build on the success of our growing pork business and brands to our customers globally, including our fresh chilled pork products to Japan, which we proudly grow and process right here in Manitoba.”

Claude Vielfaure, President of HyLife, added: “This new agreement will ensure continued job creation across the province and beyond as well as promote increased demand for our value-added pork. The Province of Manitoba has been open for business and has empowered our company to attract foreign investment and to enable us to grow our integrated pork company domestically and internationally. We are proud to put Manitoba on the world map and look forward to continuing our outstanding relationship with suppliers, partners and communities across Manitoba.”