CJ CheilJedang to build 9th feed factory in China

SEOUL, Sept. 23 (Yonhap) -- CJ CheilJedang Corp., South Korea's biggest food manufacturer, said Friday it will build a new feed factory in China in bid to beef up its presence there.
The food arm of South Korea's food and entertainment giant CJ Group said the feed factory to be built in Liaocheng city in Shandong province, will be the company's ninth feed-manufacturing plant in China.
The plant will have a production capacity of 150,000 tons of feed after construction is completed early next year, it said.
CJ CheilJedang Chief Executive Kim Chul-ha signed the memorandum of understanding with the city officials Thursday, according to the company
The company, which currently runs a total of 17 production facilities in Southeast Asia, aims to push up revenues from its feed business to 1 trillion won in 2012.
The company, meanwhile, saw its second-quarter earnings plunge 73.4 percent on-year as of end-June, mainly due to spikes in the global prices of sugar and wheat.
elly@yna.co.kr
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