Binggrae to fully absorb Haitai Ice Cream by April

Binggrae CI

South Korean confectionary company Binggrae Co. announced on Tuesday that it has decided to fully absorb Haitai Ice Cream Co., which it acquired in 2020.

Under the merger structure, Binggrae will remain the surviving entity and absorb Haitai Ice Cream. Binggrae currently holds 100 percent of Haitai Ice Cream’s shares.

Binggrae plans to hold a board meeting to approve the merger on February 12, with the merger scheduled to be completed on April 1.

Since acquiring Haitai Ice Cream in October 2020, Binggrae has carried out efficiency initiatives aimed at creating synergies, including joint marketing efforts and the integrated operation of logistics centers and sales offices.

Haitai Ice Cream returned to profitability within two years of the acquisition, and sales have continued to rise, leading to evaluations that the acquisition was a success.

Through this merger, the two companies plan to respond actively to rapidly changing market conditions and strengthen their competitiveness by leveraging efficient and optimized infrastructure.

They plan to integrate overlapping business organizations and unify work processes to improve efficiency while maximizing profitability.

The companies also plan to expand product sales across multiple channels, including exports and e-commerce.

“Through the merger of Binggrae and Haitai Ice Cream, we aim to be reborn as a global food company that leads not only the domestic market but also overseas food markets as well,” said an official from Binggrae.