Dongwon Group Completes Business Restructuring.. Begins Global Expansion

[Financial News] Dongwon Group has completed its business restructuring and is accelerating its global business expansion.
Dongwon announced on the 4th that its holding company Dongwon Industries has completed the process of incorporating Dongwon F&B as a 100% subsidiary through a comprehensive stock exchange.
In April, Dongwon announced the comprehensive stock exchange between Dongwon Industries and Dongwon F&B. After board resolutions and shareholder meetings, Dongwon F&B was delisted on the 31st of last month, and new shares of Dongwon Industries were issued.
With this, the group is formalizing collaboration and export business expansion among its food affiliates centered on Dongwon F&B.
Initially, Dongwon F&B plans to establish a new production line overseas, three times the size of the domestic one, to expand its global pet food business. The StarKist production base in Western Samoa is being considered as a strong candidate for the expansion of a pet food dedicated production line. StarKist, in collaboration with Dongwon F&B and Dongwon Home Food, is also promoting the development of locally specialized linked products through joint marketing.
Dongwon Tuna is also preparing for global business expansion. Dongwon F&B has selected the world-renowned singer 'BTS Jin' as the model for the Dongwon Tuna brand and launched a limited edition product called 'BTS Jin Edition'. This product is planned to be exported from this month to the United States, Oceania, Southeast Asia, and other regions.
The home meal replacement (HMR) brand 'Yangban' is pioneering the global market with products like tteokbokki and seasoned seaweed (Yangban seaweed). Launched in 2016 and exported to over 30 countries, Yangban tteokbokki has been entering mainstream distribution channels such as Walmart in the United States and Costco in Japan since the first half of this year, significantly increasing export volumes. Through this, Dongwon F&B plans to nurture Yangban as a representative brand of K-food.
In addition, the probiotic drink Take Alive, which sold 13 million units in Japan in a year, is set to be exported to China following Taiwan. The export of the long-standing product Coolpis is also imminent.
A Dongwon Group representative stated, "We are consolidating the group's core competencies through business restructuring to lay the groundwork for substantial growth in global business expansion," and "We plan to focus all efforts on enhancing shareholder value and sustainable corporate activities."


ssuccu@fnnews.com Kim Seoyeon Reporter