Pulmuone, South Korea’s leading tofu manufacturer, has announced that it will purchase substantially all of the assets of Vitasoy USA for $50 million.
Pulmuone said that the deal, which includes America’s number one tofu brand Nasoya, would give it outright market leadership of the US tofu category as well as a consolidated operations foothold within the global tofu markets of South Korea, the US, Japan and China.
According to the company, Pulmuone expects to continue to strengthen its leadership position within the tofu market and to rapidly expand its category footprint beyond tofu through the expanded business scale resulting from the acquisition.
Pulmuone Foods CEO Hyo-yool Lee stated: “Pulmuone now has a strong national platform and presence that will not only drive manufacturing and logistics synergies, but will also enable us to leverage a comprehensive sales and distribution infrastructure to further drive availability of our brands and products within the USA.”
“This expanded business scale within the USA market will also be the beachhead to drive development and growth of Pulmuone beyond the tofu category”, he added.
The business will be operated by a subsidiary company of Pulmuone Foods called Coast Acquisition Co.
Source: Pulmuone (via PR Newswire)