Samyang sets up European unit in Netherlands
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South Korean food conglomerate Samyang Roundsquare has set up its European subsidiary in the Netherlands, according to industry sources on Wednesday.
The company has filed the necessary paperwork and has already begun hiring, insiders told local media.
The subsidiary marks Samyang's fifth overseas corporation, following established operations in Japan, China, the United States and Indonesia.
"We've established this entity to optimize our supply chain across Europe. The Netherlands was chosen as our base for its robust infrastructure in investment, trade and logistics," a company spokesperson said.
Samyang aims to use its new European base to streamline distribution and ramp up market penetration, especially for its flagship product Buldak ramyeon series. Its European sales made up 16 percent of its total export volume last year, compared to 6 percent in 2019.
To meet projected demand, Samyang is constructing a second production facility in Miryang, South Gyeongsang Province, slated for completion next year.
By Moon Ki-hoon(moonkihoon@heraldcorp.com)
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