Shinsegae Food Signs MOU with Shilla Myungkwa for New Bakery Product Development

Strengthening Competitiveness in the Bakery Business

Shinsegae Food is joining forces with Shilla Myungkwa to strengthen its competitiveness in the bakery business.

On January 6, at its headquarters in Seongdong-gu, Seoul, Shinsegae Food announced on the 7th that it had signed a business agreement for cooperation in the development and production of new bakery products. The signing ceremony was attended by CEO Lim Hyungseop, Shilla Myungkwa CEO Park Changhoon, and six other related personnel.

On the 6th, a business agreement ceremony for joint development of new products between the two companies was held at the Shinsegae Food headquarters in Seongdong-gu, Seoul, attended by eight officials including Hyungseop Lim, CEO of Shinsegae Food (left), and Changhoon Park, CEO of Shilla Myungga. Shinsegae Food

This business agreement was established to maximize synergy in the bakery business by building a cooperative framework between the two companies.

Through this agreement, the two companies plan to establish OEM (Original Equipment Manufacturing) cooperation to ensure a stable product supply chain and strengthen quality competitiveness. They also intend to jointly promote the development of new products through research and development collaboration.

In addition, they have agreed to actively discuss ways to cooperate in distribution and marketing activities and to lay the foundation for long-term growth.

A Shinsegae Food representative stated, "We have entered into this business agreement with Shilla Myungkwa, which has specialized manufacturing capabilities, to further enhance our bakery competitiveness," adding, "We will continue to strengthen strategic partnerships that can enhance our product and production capabilities."