Shin Dong-won, Chairman of Nongshim, "Considering Construction of Third Factory in US East Coast"

Shin Dong-won, chairman of Nongshim, announced on the 24th that the company is considering building a third factory in the eastern United States.

Shin Dong-won, Chairman of Nongshim.

At the 59th regular shareholders' meeting held at Nongshim headquarters in Dongjak-gu, Seoul, Chairman Shin said, "We are seriously considering the eastern United States as a strong candidate," adding, "We expect to finalize the plan around the end of this year or early next year." He also stated, "Given the unprecedented business environment with increasing uncertainties this year, we will focus our efforts on expanding our presence in the global market."

This decision is interpreted as a result of Nongshim's steadily increasing sales in the United States. According to the business report released on the 16th, Nongshim's sales in the U.S. last year reached 561.3 billion KRW, a 39% increase compared to the previous year. Additionally, the company achieved overseas sales of 1 trillion KRW for two consecutive years following 2021. Currently, Nongshim operates two factories only in the western United States. The average operating rate of the second factory in Los Angeles is already reported to have exceeded 80%.

Lee Byung-hak, CEO of Nongshim and chairman of the shareholders' meeting, also announced plans for global business expansion. CEO Lee emphasized, "Nongshim solidified its position in the global market last year by entering the era of overseas corporate sales exceeding 1 trillion KRW," adding, "We will not only improve management efficiency in existing key businesses but also restructure the business portfolio, which has been concentrated on ramen and snacks."

At the shareholders' meeting, Nongshim approved all agenda items as originally proposed, including the approval of consolidated financial statements and the appointment of Hwang Cheong-yong, vice president and head of the management division, as an inside director. With Vice Chairman Park Jun stepping down from frontline management after this meeting, the inside directors of Nongshim's board have been changed to Shin Dong-won, Lee Byung-hak, and Hwang Cheong-yong.