Orion forecasts sales rise

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Orion forecasts sales rise

Orion, Korea’s second-largest confectionery company, expects that its overseas sales will grow next year driven by robust demand in China, company officials said yesterday.

The company, best-known for its hallmark Choco Pie, projected that its overseas sales will grow 28.4 percent to 1.31 trillion won ($1.17 billion), meaning they are likely to surpass its domestic sales for the first time.

Orion officials said China accounts for more than 80 percent of its overseas revenue.

Pan Orion, the Chinese subsidiary of Orion, forecast that its sales will reach 643 billion won this year, up 22.5 percent from 524.7 billion won in 2010.

The company’s strong performance in China stems partly from the strong growth of the country’s confectionery market, which is estimated to have reached $6.53 billion last year.

Orion will continue to expand its presence in the northeastern and western regions of China, with strong sales of Choco Pie, or Haoliyou in Chinese, the company officials said.

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