One of Westman’s most significant employers has entered into an agreement to change hands later this year, the Neepawa Banner & Press is reporting today.
Hylife Foods this morning announced a share purchase agreement that will see Thailand-based Charoen Pokphand Foods Public Company Limited (CPF) purchase a majority 50.1% stake in the company with Japan-based Itochu Corporation owning the remaining 49.9%.
According to the Banner report the transaction is anticipated to close later this year, being subject to customary conditions on such purchases. Following closure of the transition its said its expected to be business as usual save for changes at the senior management level where the company President, Chairman and Executive COO are expected to retire.
HyLife’s beginnings trace back to the La Broquerie, Manitoba area circa 1980. They purchased Neepawa’s Springhill Farms in 2008, currently employing over 2000.
Photo credit: Neepawa Banner & Press