Lotte Wellfood seeks to merge with trading arm; firms indecisive

Quick Summary:

South Korea’s Lotte Corp.is considering a merger of its confectionery unit Lotte Wellfood Co.and agricultural product trading arm Lotte International Co., which is expected to create a food company with more than 5 trillion won ($3.6 billion) of annual revenue, banking sources said on Tuesday.

The food importer posted 14.8 billion won in operating profit and 719.1 billion won in revenue last year.Some 35.2% of the sales were from transactions with Lotte Wellfood.

Lotte Wellfood, listed on the main Kospi, will set up a task force next month to accelerate its merger with Lotte International to save manufacturing costs and boost profitability, according to sources.

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Article Details

Category: Economy

Markets: South KoreaAustraliaIndiaUkraine

Topics: Trillion Lotte Wellfood Profitability International Billion Last Costs Revenue Food Year

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-06 @ 20:37:01 (1 hours ago)

News Timezone: GMT +8:00

News Source URL: kedglobal.com

Language: English

Article Length: 450 words

Reading Time: 3 minutes read

Sentences: 25 lines

Sentence Length: 18 words per sentence (average)

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Copyright Owner: © Korea Economic Daily

News ID: 21956062

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