South Korea’s food producer Dongwon F&B Co. announced Thursday that it signed a business agreement with Thailand’s leading food maker Charoen Pokphand Foods PCL. (CPF).
The two firms agreed to expand mutual trade of their products including pet foods, home meal replacements (HMR) and processed dairy products at the headquarters of CPF in Bangkok.
CPF is a major affiliate of Thailand’s CP Group, the Southeast Asian country’s largest conglomerate with annual sales reaching 55 trillion won ($49.2 billion). The group is engaged in various businesses including food, retail, finance, and communications.
CPF runs manufacturing facilities in 16 countries and exports products to more than 30 countries. It generates an average of 17 trillion won in sales per annum.
“We will release our products to the Thai market through cooperation with CPF and CP Group and introduce the Thai company’s products to Korea,” said an official from Dongwon F&B. “We expect the partnership with CPF that has the largest sales networks in Thailand would bring significant positive impact to our business.”
On Thursday, shares of Dongwon F&B closed 0.51 percent lower at 294,000 won.
By Lee Duk-joo and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]