GANGWON-DO < invest Korea

According to Pulse by Maeil Business News Korea,

South Korea’s midsize food manufacturer Samyang Foods Co., famous for making the country’s first instant noodle, will invest 68.8 billion won ($63.6 million) to ramp up capacity at its Wonju plant after delivering a record quarterly profit in the first quarter.

The Korean company said Tuesday it signed an agreement with the city government of Wonju in Gangwon Province to expand manufacturing facilities at its factory in Woosan industrial complex. The Wonju plant, which started operation in 1989, produces noodles and snacks with a work force of 700.

The ramp-up will add three additional lines for packaged noodles and one for cup noodles and is expected to create about 200 new jobs, said a company official. Construction will start in August and the new plant will become fully operational by August 2020, according to the company.

Founded in 1961, Samyang Foods is recognized for being the first to introduce ramyeon - instant spicy noodles that are the country’s all-time favorite quick meal - in Korea in 1963. It has since then taken its business global and hit the $100 million export milestone last year.

The food manufacturer recently reported its operating profit for the first quarter surged 43.9 percent on year to 17.2 billion won, a record quarterly high. Sales totaled 124.9 billion won, up 8.1 percent, and net profit jumped 46.6 percent to 12.7 billion won in the same period.

Separately, the Wonju city government signed a deal with Danjoungbio Bio Co. to invest 3.6 billion won in its Wonju plant that manufactures raw materials for food, cosmetics and pharmaceuticals.

By Lee Duk-joo and Kim Hyo-jin

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (May 09, 2018)