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Daesang Corporation, South Korea's largest kimchi producer, has acquired Oregon-based Lucky Foods to bolster its U.S. presence and diversify its global product range. The $29.6 million deal paves the way for a ramped-up kimchi production and a wider Korean food offering.
As per Business Korea, after Daesang Corporation completed its manufacturing plant in Los Angeles last year, it is now further augmenting its production base further by acquiring a local food company. With its acquisition of Lucky Foods, the largest kimchi producer in South Korea intends to grow its business by adding new categories for global production, such as kimchi, Home Meal Replacement (HMR), Korean sauces, and spring rolls.
Adding Lucky Foods to its portfolio will also help Daesang secure its production base for kimchi in North America. The company confirmed the buyout deal on Monday, June 19, and revealed it has bought a 100% stake in the Oregon-based food firm.
The purchase agreement is valued at KRW38 billion or about $29.6 million and will include all of Lucky Foods' facilities. According to The Korea Times, Daesang will also invest in Lucky Foods to expand its plants so they can double the production capacity of kimchi and other Korean products that have good potential for growth in the U.S.
Moreover, the goal is to set up various core businesses in all food categories and then launch them in the country. All the products will be based on traditional Korean foods that are already becoming more popular worldwide.
"We will accelerate the expansion of the kimchi business in the U.S. market through the acquisition by utilizing Lucky Foods' product power and its infrastructure in the States," an official at Daesang Corp. said in a statement. "We are planning to strengthen marketing and research and development for our products in the U.S. too."
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