More than 80 Bil. Won Earmarked for R&D
CJ CheilJedang Corp. aims to achieve 3 trillion won in sales this year in the bio business. The bio industry has emerged as the company's main business of CJ as it accomplished sales of 2.27 trillion won last year. The company plans to invest more than 80 billion won, the highest amount in the bio business, this year to take its market-leading technology even one step further.
CJ announced that it will invest 80 billion won in bio research and development this year at R&D Talk event held at CJ Blossom Park in Suwon, Gyeonggi-do on March 27. The company’s strategy is to lead the expanding marketwiththe investment increased by more than 50% from 53 billion won last year.
CJ focuses on the green biotechnology, including amino acids for feed, for which the company owns the world’s top-level technology. As the chemical technology that has been leading the previous market is approaching a technical limitation, the companyplans to expand its market share with amino acid produced byan environment friendly fermentation method.
Following lysine and tryptophan, L-methionine also emerged as a green bio product. In the methionine market, in which most manufacturers produce through chemical methods, CJ activelyproducesnatural amino acid L-methionine after succeeding the mass production in Malaysia in 2015,.
CJ is expected the bio business to become its sixthglobal No. 1 company by developing groundbreaking products in the methionine market estimated to worth 5 trillion won.
In addition to amino acid technologies that have been leader of the global market with production bases established around the world including China and Southeast Asia, CJ plans to win over leading companies such as Evonik (Germany) and Ajinomoto (Japan) in the whole of the green biotechnology sector.