Hanwha Galleria in Position to Acquire Non-Alcoholic Beverage Manufacturer

Quick Summary:

Hanwha Galleria Corp., a South Korean department store operator, signed a memorandum of understanding early this month to buy a domestic non-alcoholic beverage company Pure Plus Co.for about 20 billion won ($15 million), according to people familiar with the matter on Monday.

In 2023, operating profit at Pure Plus quadrupled to 1.6 billion won from 400 million won the year prior.Sales dipped to 40.9 billion won, versus 44.3 billion won over the same period.Hanwha derives 93.4% of revenue from department stores, with food and beverage making up the remaining 6.6%.

Last year, Hanwha Galleria established a wine business subsidiary in June and obtained the exclusive domestic sales rights to Five Guys, one of the three most-favored US burger chains, in October.

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Article Details

Category: Economy

Markets: South Korea

Topics: Korean Sales Pure Domestic Company Department Stake Beverage Galleria Billion Hanwha

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-05-27 @ 17:27:59 (3 weeks ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 298 words

Reading Time: 2 minutes read

Sentences: 15 lines

Sentence Length: 20 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 21102304

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