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Posco International and Daesang Corporation have come together to cooperate in the food business overseas. The companies signed a memorandum of understanding (MOU) for the partnership that will boost their new starch-related food businesses outside of South Korea.
Posco International, the largest trading company in the country and a subsidiary of POSCO, said late last week that together with Daesang which is one of the leading local food companies, it expects their food business to grow further overseas. They signed the MOU for joint investment that will mostly involve starch sugar.
As per The Korea Herald, it was stated in the memorandum that Daesang and Posco International will also work together by sharing data that were gathered by their subsidiaries abroad. This plan is said to be an attempt to stabilize supply and demand for food ingredients required to sustain an operational starch sugar business in other countries.
"We hope that this cooperation with Daesang, who conducts the largest starch business in the country, provides us with the opportunity to expand the value chain of the food business," Posco Internationa’s executive vice president, Lee Sang Hoon, said in a statement.
He added, "Both companies are putting in efforts to gain the necessary capabilities that will allow us to actively respond to issues regarding national food security, which is growing more and more important nowadays."
Starch sugar is a natural substance that are typically extracted from tapioca, corn, wheat, potato, and other “starchy” crops. It is turned into starch syrup through a special process and the addition of glucose. The product has varying uses in different industries, including cosmetics, adhesives, food manufacturing, baking, and pharmaceuticals.
The Korea Economic Daily reported that Posco International and Daesang agreed to improve competitiveness in the starch sugar businesses and provide a stable supply of raw materials. Moreover, they will strengthen their dominant market positions in Southeast Asia through their agreement
