Yonhap News AgencyFebruary 6, 2014 04:17
by Nam Kwang-sik
SEOUL, Feb. 6 (Yonhap) -- CJ CheilJedang Corp., the food and beverage unit of South Korea's CJ Group, said Thursday that it will turn its pharmaceutical division into a wholly-owned subsidiary to boost the business's global competitiveness.
The new entity, named CJ Lifesciences Co., will be launched on April 1, the company said in a regulatory filing.
The pharmaceutical division posted 448.8 billion won (US$417.2 million) in sales in 2013, with the food and beverage division recording 4.22 trillion won in sales.