[THE INVESTOR] Harim is taking on another challenge, as it unveiled the country’s largest factory that will exclusively manufacture pet food on June 22. 

The meat-processing company with a strong specialty in poultry took over bulk carrier Pan Ocean in 2015 and this time is tackling a business more familiar, yet highly competitive. 

The pet food industry in Korea is estimated to be worth 600 billion won (US$525.62 million). With the launch of Harim Pet Food brand, it is seeking to exploit higher-end of the market with “human-grade” products, emphasizing that it has “minimized artificial factors and conveys freshness of nature.”

Yang Jae-hyeon, president of the pet food division, actually demonstrated it eating the product himself, declaring that the company will show the excellence of domestic pet food with superior quality that imported contenders cannot match. The company has set a 20 billion won revenue target for this year and will also expand overseas, he added. 

Harim Group was founded by Kim Hong-kuk Kim, a poultry farmer, three decades ago which has now expanded operations to join the top 30 conglomerate list in Korea.

At a press conference during the opening event, he spoke about the controversy about passing on control of the group to his son through expediency in 2012 using a private subsidiary. 

Kim explained that he gave stocks of the company due to an unavoidable family matter and at the time Harim, now worth 10 trillion won, was a small company. 

He noted that his son paid 10 billion won in tax at the time.

“I still am the largest stakeholder,” the group chairman stressed.

By Hwang You-mee (glamazon@heraldcorp.com)