Orion to Establish Joint Venture with Suhyup for Laver Processing

MOU Signed with National Federation of Fisheries Cooperatives
Comprehensive Cooperation Planned in Seafood Processing Industry

Orion is entering the seafood processing business through a partnership with the National Federation of Fisheries Cooperatives (Suhyup).

On July 17, Orion announced that it had signed a memorandum of understanding (MOU) with Suhyup and would begin full-scale efforts to establish a joint venture aimed at advancing the laver industry and securing stable outlets for seafood consumption.

This MOU aims to combine Suhyup's raw material supply capabilities and fisheries industry network with Orion's world-class food processing, brand development, and global distribution expertise. The goal is to jointly develop a premium seafood brand centered on domestically produced laver, target both domestic and overseas markets, and increase fishermen's income.

Orion Headquarters Image. Orion

As of last year, Korea's laver industry produced approximately 1.5 billion sheets of laver annually, with exports reaching a record 1.4 trillion won (approximately $997 million), making it the top single seafood export item.

Starting with the signing of the MOU, Orion and Suhyup plan to form a task force within the year to discuss specifics such as the joint venture structure, investment composition, product planning, and factory design. After establishing the joint venture, the two companies will cooperate in areas including: ▲ commercialization of high value-added seafood products ▲ joint product development and branding ▲ expansion of overseas distribution channels for processed seafood ▲ and establishment of production infrastructure. In particular, both sides plan to expand their collaboration beyond laver to the broader seafood processing industry in the future.

This partnership was initiated when Suhyup first proposed the collaboration to Orion. Orion currently derives 68% of its sales from overseas and has established strong global production and sales networks in China, Vietnam, Russia, India, and other regions, leading the globalization of 'K-Food'. Notably, in 2016, Orion established the production company 'Orion Nonghyup' together with Nonghyup, and launched the premium ready-to-eat brand 'Market O Nature' using domestic agricultural products, which has been recognized as a successful joint venture model.

At the signing ceremony, Suhyup Chairman Noh Dongjin stated, "This partnership is an ideal model that combines Suhyup's raw seafood supply capabilities with Orion's expertise in global food processing and distribution. It will not only help ensure stable income for domestic fishermen, but also serve as an opportunity to widely promote the value and taste of Korean seafood to consumers both in Korea and around the world."

Orion Group Vice Chairman Hur Incheol said, "We will actively cooperate with Suhyup to enhance the added value of domestic seafood and expand into global markets."

Orion plans to continue working closely with Suhyup to secure the future competitiveness of Korea's seafood industry and to build a sustainable seafood ecosystem.