South Korea’s CJ CheilJedang Corp completed the purchase of a 90% stake in Brazilian soy protein maker Selecta, and promptly launched the new brand CJ Selecta.

The brand was unveiled at an event last week in Goiania, Brazil, where Selecta is based. 

According to a statement released by Selecta, Chile’s Corpesca SA PES.SN sold its 60 percent stake and minority shareholders agreed to sell 30 percent of the company, which reports $360 million in annual revenue.

Selecta is a large producer of ingredients for the feed industry in Brazil and abroad. Selecta produces and distributes soy-derived ingredients for animal nutrition (aquaculture, pet food and others). Selecta's current soy processing capacity is 700,000 tonnes, but with investments promised by CJ, it is expected to ramp up production by 50 percent.