A Japanese company has purchased 33.4 per cent of HyLife of La Broquerie. Itochu Corporation currently operates in 67 countries.

HyLife Executive Vice-President Claude Vielfaure says Itochu will have two of the seven seats at the board table but current shareholders and management will retain control. He explains how the deal came about.

"Itochu Corporation is a Japanese company that's been one of our customers for the last two, two-and-a-half years. Discussions started a year ago and took a little while but we got the investment done. Since our Olymel days six years ago, and since we bought the Neepawa processing plant, we have been looking for a strategic partner to invest in HyLife and finally got something done."

Vielfaure says the investment will enable HyLife to expand and grow its global business.

"It gives us bigger opportunities for our company. Itochu is a big company that does business in 67 different countries in the world so it just helps us have a solid partner that's going to help us grow our business. We've really focused the last couple of years on our Japanese market and have grown it substantially with different customers in Japan. With Itochu investing in our company, obviously, it's going to open up new avenues for us."

He notes HyLife recently expanded its Neepawa processing plant with a partial second shift, adding 280 employees and is open to further opportunities.
    
HyLife  currently employs more than 1,500 people.

 

Quick Facts about HyLife:


‐ HyLife was founded in 1994 when two family farms joined with a common vision of a
sustainable, integrated farm to food pork business
‐ One of Canada’s leading integrated pork processor; selling its products around the world
‐ Head office is in La Broquerie, Manitoba
‐ Employs approximately 1550 people
‐ Platinum status as one of Canada’s Best Managed Companies. HyLife has been a member of the
Best Managed Companies program for 8 years
‐ Integrated pork processor including genetics, commercial production and meat processing. This
ensures traceability of product from “farm to fork”

Visit: http://www.hylife.com/


Quick Facts about Itochu Corporation:


‐ Founded in 1858 in Japan
‐ Currently based in 67 countries, including Canada and the United States
‐ Has investments in over 400 companies around the world
‐ A company with a diverse range of products in 6 key areas: textiles, machinery, metals &
minerals, energy & chemicals, food and general products & realty

Visit: http://www.itochu.co.jp/en/ and http://www.itochu.com/ (North American website)