HyLife Signs Share Purchase Agreement with Charoen Pokphand Foods

Winnipeg, Manitoba – (April 22, 2019)

Today, HyLife announced that it has signed a Share Purchase Agreement with Charoen Pokphand Foods Public Company Limited (CPF) to purchase 50.1 percent of the company’s shares with ITOCHU continuing to own 49.9 percent of the remaining shares. The combination of Canada’s leading producer and global exporter of pork products with one of the world’s food conglomerates will build synergy and growth between these two companies. CPF will propel HyLife’s growth into the fast-growing Asian, North American and international markets while proudly showcasing Manitoba’s locally grown and produced high-quality pork.

Grant Lazaruk, Chief Executive Officer of HyLife emphasized, “This is a win-win for HyLife, CPF 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.” Lazaruk added, “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.”

Together, HyLife and CPF will leverage their shared corporate values of environmental friendliness and social responsibility while investing in their employees, customers, and communities. Combining forces will propel the growing demand for HyLife’s high-quality pork and enable the company to grow its current 2,500+ employee workforce.

Claude Vielfaure, President of HyLife remarked, “This new agreement will ensure continued job creation across the province and beyond as well as promote increased demand for our value-added pork.” Vielfaure added, “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.”

The transaction is subject to customary conditions and Canadian and international regulatory approvals and is expected to close during the third quarter of 2019.