Samchully Acquires Sungkyung Food, Maker of "Jidopyo Sungkyung Gim," for 119.5 Billion Won

Samchully Group, an energy company, is acquiring Sungkyung Food, one of Korea’s top three seaweed manufacturers known for its “Jidopyo Sungkyung Gim” brand, for approximately 120 billion won.

On December 26, Samchully Group announced that it had signed a stock purchase agreement to acquire 100% of Sungkyung Food’s shares.

Samchully Group Sungkyung Food Acquisition Stock Purchase Agreement Signing Ceremony. Samchully Group

The company will acquire 5,697,706 shares for about 119.5 billion won. The scheduled date for the share acquisition is March 26 of next year.

Sungkyung Food, widely recognized for its “Jidopyo Sungkyung Gim,” is a local food company founded in Daejeon in 1981. The company is expected to reach annual sales of 130 billion won this year, and it has been achieving record results every year. Exports account for 40% of total sales, with the United States representing an overwhelmingly large share among export destinations.

Last year, seaweed exports reached about 1.4 trillion won, making it one of South Korea’s top ten export items and earning it the nickname “black semiconductor.” The average annual growth rate over the past five years has been about 14%, and this year, exports are expected to hit a record high of approximately 1.6 trillion won.

Through this acquisition, Samchully Group plans to expand the foundation of its lifestyle and cultural business.

A representative of Samchully Group stated, “We decided to acquire Sungkyung Food after recognizing the growth and potential of the global seaweed market driven by the worldwide spread of K-food.”