CJ CheilJedang to Pursue Sale of Bio Business with Annual Sales of 4 Trillion Won

CJ CheilJedang is reportedly planning to sell its bio business division.

According to the investment banking (IB) industry on the 18th, CJ CheilJedang has selected Morgan Stanley as the lead advisor for the sale of its bio business division and is reportedly in contact with potential buyers.

CJ CheilJedang's bio division primarily focuses on the Green Bio business, which produces food seasoning materials and amino acids for animal feed.

The bio division of CJ CheilJedang recorded sales of 4.1343 trillion KRW last year, and has accumulated sales of 3.1474 trillion KRW up to the third quarter this year.

Industry insiders expect CJ CheilJedang to use the proceeds from the sale of its bio business to pursue mergers and acquisitions (M&A). The value of the bio business division is estimated to be in the trillions of KRW.