Nongshim to invest $167 million in Ulsan plant to meet export demand

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Nongshim to invest $167 million in Ulsan plant to meet export demand

Published: 13 Jun. 2024, 13:30 Updated: 13 Jun. 2024, 17:18

KIM JU-YEON
kim.juyeon2@joongang.co.kr

Nongshim's raccoon dog mascot for its Neoguri ramyeon greets visitors at the ramyeon manufacturer's booth at the Korea Expo 2024 in Paris in May. [NEWS1]

Ramyeon manufacturer Nongshim will invest 229 billion won ($167 million) to build production facilities in Ulsan for its instant noodle and snack exports, as demand for Korean ramyeon products continues to grow overseas.

Nongshim’s shares shot up on Thursday as markets opened, with the company's investment in production facilities to increase supply disclosed the day before.

Stocks of the food and beverage company hit its day's high of 599,000 won at 9:05 a.m., and ended at 547,000 won, up 0.55 percent, from the previous trading session.

Nongshim filed a report to build manufacturing facilities in Ulsan to the Financial Supervisory Service (FSS) on Wednesday, as disclosed in the FSS data system.

The Shin Ramyun manufacturer said in the report that its aim was to "strengthen competitiveness in logistics to expand domestic and export [supply]."

This comes a month after Nongshim said that it was looking to construct a factory in Korea to exclusively produce food items that will be exported to Europe and Asia.

The plan was revealed along with the firm’s announcement of its partnership with major French retailers E.Leclerc and Carrefour to sell more of its ramyeon products and snacks, as well as its potential entry into the Southwest Europe market and expansion in Northern Europe nations.

BY KIM JU-YEON [kim.juyeon2@joongang.co.kr]