Dongwon F&B to expand in SE Asia with Thai conglomerate CPF
[THE INVESTOR] Korean food company Dongwon F&B on Aug. 9 announced that it will cooperate with Thailand-based Charoen Pokphand Foods to expand its presence in the Southeast Asian market.
According to the company, Dongwon F&B CEO Kim Jae-oak and CPF CEO Sukhawat Dansermsuk signed a memorandum of understanding outlining their mutual collaboration.
“Prior to this deal, we exported just few of our products like seaweed to Southeast Asia. From now, we expect to export a bigger variety of products including pet food and home replacement meals through CPF’s retail channels,” a Dongwon Group spokesperson told The Investor. The company added that it will import products from CPF to sell them here.
The Thailand-based food company is an affiliate of CP Group, the biggest conglomerate in Thailand that also operates convenience stores. CPF’s annual sales on average reach around 17 trillion won (US$15.21billion).
In 2000, Dongwon F&B was spun off from Dongwon Industries and its sales in 2017 reached over 2.5 trillion won. The company is known for its popular tuna cans, which account for 20 percent of its sales.
By Song Seung-hyun (firstname.lastname@example.org)