Samyang builds new $123 million factory for Buldak noodles

Industry

Published: 06 Mar. 2024, 18:42 Updated: 06 Mar. 2024, 18:54

Samyang builds new $123 million factory for Buldak noodles

Officials, including Samyang Foods' President and CEO Kim Jung-soo, center, break ground for the Miryang II Plant in the Nano Convergence National Industrial Complex in Miryang, South Gyeongsang, on Thursday. [SAMYANG FOODS]

Korean ramyeon manufacturer Samyang Foods broke ground on a new plant in Miryang, South Gyeongsang, with an investment of 164.3 billion won ($123.1 million), as worldwide interest in the company's iconic Buldak Ramen continues to grow.

The groundbreaking ceremony for the Miryang II plant took place on Wednesday at the Nano Convergence National Industrial Complex.

The factory will span 34,576 square meters (372,172 square feet), and will feature three aboveground floors and one basement level. The factory aims to surpass its predecessor, Miryang, in both efficiency and technological advancement, boasting a more advanced smart factory system and enhanced food safety measures.

With construction slated for completion in the first half of 2025, the Miryang II factory is projected to output 560 million ramyeon products annually, elevating Samyang Foods' total annual production capacity from 1.8 billion to approximately 2.4 billion units.

All Buldak products sold overseas are produced domestically and exported.

The new Miryang II factory will target the North American market, while the existing Miryang I facility will expand exports to China, the company said.

This latest addition joins Samyang's existing plants in Wonju, Gangwon and Iksan, North Jeolla as well as Miryang I in South Gyeongsang. The first Miryang facility was constructed just two years ago. The company has seen consistent revenue growth since then, recording 642 billion won in 2021, 909 billion won in 2022 and 1.2 trillion won last year. It received the Korean food industry's first 400 million dollar Export Tower award from the Korea Trade International Trade Association in 2022.

“We've chosen to set up the Miryang II plant to take a more proactive approach in tapping into export markets as we leap into becoming a global major food company,” said Samyang Foods President and CEO Kim Jung-soo. “In addition to swift mass manufacturing, the Miryang II plant aims to bring more advanced designs in automation, efficiency, and intelligence — emphasizing innovation in production.”

“With two Miryang plants producing export volume simultaneously, we anticipate significantly strengthening our capabilities, ultimately solidifying our position as a respected global player in the food industry,” she added.

“We aim to develop agriculture, food and associated sectors into one of the top 10 strategic export businesses by 2027,” Agriculture Minister Song Mi-ryung said in a recorded speech. “I trust that the Miryang II factory will effectively serve as a primary export hub for Samyang Roundsquare and K-Food with the government extending steadfast support.”

BY SEO JI-EUN [seo.jieun1@joongang.co.kr]