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Nongshim to set up subsidiary in Netherlands

Published: 17 Feb. 2025, 17:17 Updated: 17 Feb. 2025, 18:16

KIM JU-YEON
[email protected]

A tram is wrapped with Nonghsim's advertisement in Amsterdam. [YONHAP]

Shin Ramyun maker Nongshim said Monday it will set up a subsidiary in the Netherlands next month as it aims to expand into the European market.

Nongshim will establish Nongshim Europe B.V. in Amsterdam in March, with the company being drawn to the European country for its advanced land transport network and Port of Rotterdam, which tops others in Europe in terms of cargo volume, the company said in a press release.

Europe's ramyeon market reached $2 billion in 2023 while reporting an average of 12 percent growth annually during the 2019-23 period, it said.

Nongshim aims to quadruple its ramyeon sales in Europe by 2030. It sold $84 million worth of ramyeon products in Europe last year.

The firm plans to achieve the revenue goal by making its main products more available and by developing new products tailored to local preferences.

Currently, Nongshim earns about 40 percent of its total ramyeon sales in overseas markets, including the United States, China and Japan.

It has six domestic plants and six overseas ones — two in the United States and four in China. It sells instant noodle products represented by its flagship Shin Ramyun, Chapagetti and Neoguri in global markets.

For all of 2024, Nongshim's net profit fell 8.1 percent on year to 157.63 billion won due to lower demand and higher costs.

Operating profit plunged 23 percent on year to 163.07 billion won last year, while sales rose 0.8 percent to 3.44 trillion won.

BY KIM JU-YEON, YONHAP [[email protected]]