Samyang Foods reveals plans for business expansion overseas

Samyang Foods announced this week that it has big plans to expand its business overseas. The South Korean food manufacturing company said it would set up new teams and units that will focus on the sales and logistics of its operations outside of the country.

Samyang Foods is hoping that this move will bolster its global business next year so it can achieve its ambition of being listed in the top 100 food companies in the world. As per The Korea Times, the company revealed its medium and long-term goals during the recent business management conference that took place at its own headquarters in Seoul this week.

The meeting was organized after the latest management reshuffle. The reorganization at Samyang Foods will result in the creation of 86 team units in eight divisions. Prior to the company restructuring, it has 5 teams in a total of six divisions.

Some of the newly-formed teams include groups that will manage overseas sales and logistics. It was said that the firm is also creating a special support team.

"In order to set strategies and accomplish tasks, it is most important to properly establish organizations that execute them,” Kim Jung Soo, vice chairman at Samyang Foods, said in a statement. “We would like to carry out a major reshuffle to expand our overseas business based on our 'Go-to-Market' plan."

Another company official commented, "We will continue to expand our business in the instant noodle sector and secure new growth engines such as in the plant protein and microbiome fields."

In any case, VP Kim Jung Soo’s strategy for Samyang Foods’ business expansion overseas will involve the optimization of its global supply chain, growing the brand value, and jumping into the food business to become an international food company. Each year, the brand saw a new high sales growth for its overseas operations, and this is a very good start in accomplishing its visions on the global stage.

Meanwhile, Pulse News reported in April that Samyang Foods got rid of its money-losing businesses to focus on its instant noodle products. This decision proved to be a great move as its Buldak Ramen has become the main driving force in the increase of its sales overseas.