Daesang Corporation to buy off Duc Viet Food Company

June 30, 2016 | 15:29

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South Korean food-producing conglomerate Daesang Corp. has decided to buy a 99.99 per cent stake in Vietnamese meat processor and distributor Duc Viet Food Joint Stock Company for $32 million, according to newswire Pulsenews.com.

Daesang expects to complete the acquisition by August 5.

Daesang said that the sale is a move to help the company expand its foothold in the fast-growing Vietnamese meat processing market that is still in its fledgling stages, currently being focused on frozen ham products.

The company also expects that the expansion of its operations in Vietnam would help reinforce its food business.

Established in 2001, Duc Viet Food specialises in manufacturing and distributing meat products, sausages, spices, and instant food. The company currently has a total asset value of $5.99 million. In 2015, the company earned $26.5 million in sales and $1.7 million in net income.

Starting operations in 1956, Daesang Corp specialises in food and seasoning manufacturing, including soybean paste, ssamjang, marinade, soy sauce, soups, and Chinese noodle, among others.

Daesang Corp. first entered the Vietnamese food market in the 1990s by building a seasoning manufacturing plant. It currently owns three manufacturing bases across Vietnam.

By By Ha Vy

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