HyLife of La Broquerie has sold its Canadian shares.

It was announced this morning that Charoen Pokphand Foods, or CPF, of Thailand, acquired 50.1 percent of the company for $498 million. The remaining portion continues to be held by Japanese partners.

“This is a win-win for HyLife, CPF and Manitoba’s agricultural industry,” said HyLife Chief Executive Officer Grant Lazaruk in a release.

CPF is Thailand’s largest agricultural conglomerate. The company said in a release that this investment allows them to expand its business in North America. CPF is targetting sales of over 18.2 billion dollars over the next five years.

Lazaruk added through this agreement, they will build on the success of their growing pork business and brands to customers globally, including fresh chilled pork products to Japan which are grown and processed here in Manitoba