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Otoki to invest $40M in U.S. subsidiary

Published: 14 May. 2025, 17:55

Otoki ramyeon products are displayed at a large supermarket in Seoul on March 24. [NEWS1]

Otoki, a major Korean food manufacturer, said Wednesday it will invest 56.5 billion won ($40 million) in its U.S. subsidiary to strengthen its presence in the market there.

The company, formerly known as Ottogi, said in a regulatory filing that it plans to purchase 400,000 shares of Otoki America Holdings on June 27.

"The U.S. subsidiary is wholly owned by Otoki, and it will issue 400,000 shares next month," a company spokesperson said.

In March, the company announced a target for overseas sales of 1.1 trillion won ($715 million) by 2030, nearly triple the 361.4 billion won it posted in 2024.

Overseas sales last year accounted for about 10 percent of the company's overall sales of 3.54 trillion won.

To help achieve its 2030 target, Otoki plans to complete a global logistics center in Korea by April next year and build a ramyeon plant in the United States by 2027.

Otoki, best known for its Jin Ramen product, currently operates several domestic logistics centers and production facilities in Korea, Vietnam and New Zealand.

Yonhap