Samyang Foods Pursues Acquisition of Sauce Company GNF

The transaction amount is approximately 60 billion KRW

Samyang Foods is currently pursuing the acquisition of GNF, a company specializing in sauces.

According to the investment banking (IB) industry on July 11, Samyang Foods has reportedly signed a contract to acquire 100% of GNF's shares. The transaction amount is said to be around 60 billion KRW.

GNF has supplied soup bases to major domestic ramen companies such as Nongshim and Ottogi, and also produces a variety of sauce products including coin broth. Last year, the company recorded sales of 41.7 billion KRW and an operating profit of 3.2 billion KRW.

This acquisition marks Samyang Foods' first M&A in ten years since acquiring the frozen food company Saeachim Food (now Samyang Square Meal) in 2015. Currently, Samyang Foods sources the main product sauce ingredients, such as those used in "Buldak Bokkeum Myeon," from S&D.

A representative from Samyang Foods stated, "We are considering various options at the group level."