CJ CheilJedang Center [CJ CheilJedang]
CJ CheilJedang Center [CJ CheilJedang]

CJ CheilJedang is moving to sell its starch sweetener business.

According to food industry sources Tuesday, the company is reviewing a spinoff and sale of its starch sweetener division to major financial investors.

The starch sweetener business produces corn syrup, glucose and fructose using corn starch as its primary raw material. Four companies — CJ CheilJedang, Daesang, Sajo CPK and Samyang — together hold more than 90 percent of the domestic starch sweetener market, with CJ CheilJedang ranking near the bottom of that group.

"This is part of our efforts to shed low-growth, low-profitability businesses in pursuit of future innovation," the company said, adding that "various options are under review and nothing has been finalized."

CJ CheilJedang recently overhauled its corporate structure to secure new growth engines, moving away from a two-track food and biotech model into three divisions: lifestyle food, technology materials and core materials.


ehkim@heraldcorp.com