CJ Cheiljedang Corp., South Korea's leading maker of processed foods, said Monday it has completed the acquisition of a Brazilian company to expand its foothold in the vegetable protein business.

Earlier in June, the Korean firm announced its plan to buy Selecta, a Brazilian company that manufactures soy protein concentrate, for 360 billion won ($320 million). It is a world-leading manufacturer of sustainable vegetable protein with sales reaching some 400 billion won last year. Its 2016 operating income stood at 55 billion won, according to CJ Cheiljedang.

"We have established CJ Selecta with a plan to make Brazil our outpost for business in South America," CJ Cheiljedang CEO Kim Chul-ha said.
 

In this photo provided by CJ Cheiljedang Corp., South Korea`s leading maker of processed foods, its CEO Kim Chul-ha speaks during the opening ceremony of CJ Selecta in Goiania, Brazil, on Aug. 25, 2017. (Yonhap)

CJ Cheiljedang said its new affiliate is expected to post 800 billion won in sales from four countries -- South Korea, Brazil, Vietnam and China -- by 2020.

The acquisition of Selecta was one of CJ's first investment plans that came on the heels of food and entertainment conglomerate CJ group chief Lee Jay-hyun's return to management in May after a four-year hiatus.

The business tycoon served a prison term for embezzlement and tax evasion and was released in August last year on a special pardon granted by then President Park Geun-hye.