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| Samyang Foods Vice Chairman Kim Jung-soo speaks about the company's medium and long-term vision during a conference held at its headquarters in Seoul, Wednesday. Courtesy of Samyang Foods |
By Kim Jae-heun
Samyang Foods will establish new departments dedicated to overseas sales and logistics to strengthen its global business in 2023, as part of its goal to become a top 100 food firm in the world.
The company shared its medium and long-term vision at its business management conference held at its headquarters in Seoul, Wednesday.
After the reshuffle, Samyang Foods will be reorganized from 85 teams in six divisions to 86 teams in eight divisions. Along with newly established overseas sales and logistics teams, the company will also create a support team.
"In order to set strategies and accomplish tasks, it is most important to properly establish organizations that execute them. We would like to carry out a major reshuffle to expand our overseas business based on our 'Go-to-Market' plan," Samyang Foods Vice Chairman Kim Jung-soo said.
Kim's strategy suggests optimizing the global supply chain, increasing brand value and entering the future food business to become a global food firm.
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| Samyang Foods' Buldak Ramen products / Courtesy of Samyang Foods |
Samyang Foods' overseas sales are hitting a new high every year with its globally loved instant noodles, Buldak Ramen.
Its revenue increased from 359.3 billion won ($283.3 million) in 2016 to 642 billion won last year. The company's accumulative sales reached 669 billion won by the third quarter of this year already.
All of the instant noodle maker's products are manufactured in domestic factories without overseas production plants. The total amount of the food company's exports recorded $100 million in 2017, $200 million in 2018, $300 million in 2021 and surpassed $400 million this year. The current amount of Buldak Ramen exports comprises nearly half the total amount of Korean instant noodle exports.
"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," a Samyang Foods official said.
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