Charoen Pokphand Foods (CPF) has signed an agreement to acquire a 50.1% stake in Canadian pork products company HyLife.

Japanese trading house ITOCHU will continue to retain its 49.9% stake.

HyLife CEO Grant Lazaruk said: “This is a win-win for HyLife, CPF and Manitoba’s agricultural industry.  Together, our globally established companies will significantly strengthen our market position.

“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.”

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

Going further CPF intends to increase HyLife’s growth in the Asian, North American and international markets while showcasing Manitoba’s locally grown and produced pork.

The deal will also enable the Canadian pork products manufacturer to further increase its 2,500-employee workforce.

HyLife president Claude Vielfaure said: “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.”

Completion of the deal is subject to customary conditions and Canadian and international regulatory approvals and is expected to take place in the third quarter of this year.

Financial details of the deal have not been disclosed.

In January 2013, ITOCHU acquired a 33.4% stake in HyLife Group for JPY5bn ($57.1m).