CJ CheilJedang is reviewing the possible acquisition of US food additives company Prinova, though nothing is certain at this point, the company said Thursday.
“We are aware that Prinova is open for bidding. However, we do not know who else is bidding for the deal nor how the seller wants to proceed,” said a CJ CheilJedang representative.
Prinova is one of many candidates CJ is considering acquiring, according to sources.
Prinova is a global supplier to the food and nutrition industries. Industry watchers expect acquisition of the firm to surpass 1 trillion won ($900 million). CJ CheilJedang has been aggressively pursuing mergers and acquisitions to tackle the overseas market.
In November 2018, the company acquired US frozen food specialist firm Schwan’s Co. for approximately 2 trillion won.
By Lim Jeong-yeo (email@example.com)