Orion Vice Chairman Heo In-cheol Reappointed as Inside Director for 4th Term... Announces Large-Scale Investment

Heo In-cheol, Vice Chairman of Orion, was reappointed as an inside director, achieving his fourth consecutive term since his appointment as vice chairman in 2014.

On the 23rd, Orion held its regular shareholders' meeting at its headquarters in Yongsan-gu, Seoul, and reappointed Vice Chairman Heo as an inside director. The appointments of Huh Yong-seok, former Commissioner of the Korea Customs Service and Hyundai Research Institute, and Noh Seung-kwon, former Deputy Director of the Judicial Research and Training Institute, as outside directors were also approved. In addition, all five agenda items, including the approval of the 6th financial statements and consolidated financial statements, the appointment of audit committee members, and the approval of the director remuneration limit, were passed.

At the shareholders' meeting, Lee Seung-jun, CEO of Orion, announced plans to expand production lines and increase facility investments at overseas factories. In the Vietnam subsidiary, Orion plans to expand and rebuild the Ho Chi Minh City and Hanoi factories to meet local demand and is also considering constructing a third factory. The Russian subsidiary plans to expand the Choco Pie line at the Trevi new factory and establish a new jelly line. In the Indian market, Orion will actively expand product production and sales by increasing the Choco Pie line and establishing a new snack line. In the domestic market, aggressive sales activities will be carried out focusing on cost-effective products.

Last year, Orion's operating profit increased by 25.1% year-on-year to 466.7 billion KRW, and sales increased by 22% compared to the previous year, reaching 2.8732 trillion KRW.

CEO Lee said, "We will strengthen sales activities tailored to market conditions based on product competitiveness, and do our best to manage investments efficiently and secure competitiveness in future new and emerging businesses."