May 02, 2024

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[THE INVESTOR] CJ CheilJedang has shut down its plans to establish a joint venture for sparkling water business with Jeju Special Self-Governing Province Development Corp., according to the public enterprise on Nov. 24.

This follows the province’s renewed consignment sales contract with Kwangdong Pharmaceutical that has been extended by a year to December 2017.

The food and bio arm of CJ Group had signed a memorandum of understanding with JPDC in August 2015 to set up a JV, build a factory in Seogwipo and launch premium sparkling water products as early as the first half this year.

“The market for sparkling water has been slowing down, and we have given much consideration weighing the production volume of natural sparkling water in the island and feasibility,” said a CJ official,

By Hwang You-mee (glamazon@heraldcorp.com)