Lotte Confectionery merges Kirin in a pretty sweet deal
Lotte Confectionery said yesterday it will merge with Kirin food to improve management efficiency and expand business areas.With the merger, Lotte will add rice snacks, frozen desserts and a bakery business.
Kirin, founded in 1969, remained as an affiliate of Lotte Confectionery after it was acquired by Lotte for 90 billion won ($80.64 million) in 2009.
Kirin established production plants in Busan and Suwon, Gyeonggi, manufacturing 180 kinds of bread including Bon Appetit, 50 varieties of snacks and 20 kinds of frozen desserts that generated 88.6 billion won in revenue last year.
with the Korea JoongAng Daily
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