South Korea: Nissin Foods acquires Gaemi Food

Nissin Foods, the Japanese instant noodle manufacturer, has announced the acquisition of Korean snack company Gaemi Food for 48,000 million KRW ($35 million).

Founded in 1995, Gaemi Food is defined as a manufacturer of crispy roll snacks under the Baked Crispy Roll name and confectionery under the brand Kemy, as well as snacks for infants and children.

Commenting on the acquisition, Nissin Foods executive director, chairman and chief executive officer Kiyotaka Ando said: “The addition of Gaemi Food represents a strategic milestone for Nissin Foods in developing our business in the Korean and overseas markets. While leveraging Nissin Foods’ core competencies in marketing and food technology, the Group is developing a non-noodle business that can create synergies with the instant noodle business”.

“Most importantly, expanding into overseas markets not only diversifies our revenue sources, but also deepens our understanding of local cultures and consumer behaviours” he added. “This knowledge allows us to build stronger relationships with local consumers, enabling us to identify and pursue additional opportunities. Going forward, the Group will continue enhancing our market insights, ultimately boosting the Group’s market share and overall profitability”.

Source: Nissin Foods