By Ko Dong-hwan
Hanwha Galleria said Monday it closed a deal to acquire Pure Plus, an export-strong beverage developer, as the Hanwha Group unit targets the global non-alcoholic beverage market.
According to Hanwha Galleria, it has been engaging in negotiations with Pure Plus since the first half of this year and managed to close the takeover after the beverage maker agreed to sell a 100 percent stake of the company to Hanwha Galleria.
The company did not disclose the deal’s value.
Hanwha Galleria said it is betting on Pure Plus’ robust manufacturing capacity, dedicated specialties and outstanding overseas market share.
Pure Plus has been making health supplement drinks, organic juices and beverages for children since 1986. From hangover-cure drinks to aloe-based beverages, its lineup of products includes over 200 drinks.
Pure Plus’ yearly exports have been over $15 million on average, shipping to some 50 countries including the United States, Australia and countries in northern Europe, from its manufacturing plant in South Gyeongsang Province.
The company posted 41 billion won ($31 million) in sales and 1.6 billion won in operating profit last year. Almost half of the sales came from exports.
Pure Plus is also an original equipment manufacturer for other beverage companies worldwide, now shipping its products to 150 retailers nationwide, including discount store chains and local supermarkets.
Hanwha Galleria said that it will specifically target the global premium beverage market with Pure Plus’ experiences and knowledge in producing quality beverages.
“We’ve seen rising needs for premium beverages in the U.S. and northern Europe,” a Hanwha official said. “By targeting the global markets, we’ll sharpen our market competitiveness.”
Hanwha has appointed Kim Cheol-hwan as the new president of Pure Plus. Kim has been working at Hanwha Galleria’s marketing and strategy divisions since 2004.
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