BANGKOK, THAILAND — Charoen Pokphand Foods P.L.C. (CPF), one of the world’s largest agro-industrial and food conglomerates, has reached an agreement to acquire a 50.1% stake in Canadian pork producer HyLife. Japan-based Itochu Corp. will continue to own the remaining 49.9%. The transaction is expected to propel HyLife’s growth into the burgeoning Asian, North American and international markets.

Financial terms of the transaction were not disclosed by the companies, though a Reuters report suggested CPF paid $372.7 million for the stake in HyLife.

“This is a win-win for HyLife, CPF and Manitoba’s agricultural industry,” said Grant Lazaruk, chief executive officer of HyLife. “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.

“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.”

Headquartered in LaBroquerie, Manitoba, Canada, HyLife currently produces more than 2.5 million pigs annually. The company also owns four high-tech feed mills.

Bangkok-based CPF is the leading agro-industrial and food conglomerate in the Asia-Pacific region. The company operates in both the livestock (swine, broilers, layers and ducks) and aquaculture (shrimp and fish) businesses. The vertically integrated company is involved in livestock production and meat processing, as well as the retail and restaurant business. The company in 2016 acquired Bellisio Foods Inc. from Centre Partners Management L.L.C. for $1.075 billion. Bellisio Foods markets products under its Michelina’s, Boston Market and Authentic Asia brands, as well as under licensed brands EatingWell and Atkins.