Binggrae Resolves to Merge with Haitai Ice Cream: "Integration of Overlapping Business Organizations"

Merger Approval Board Meeting Scheduled for February 12

Binggrae announced on the 13th through a public disclosure that its board of directors has resolved to merge with Haitai Ice Cream.

This merger will be structured as an absorption-type merger, with Binggrae as the surviving entity absorbing Haitai Ice Cream. Binggrae currently owns 100% of Haitai Ice Cream's shares. Binggrae plans to hold a board meeting to approve the merger on February 12 and complete the merger on April 1.

Since acquiring Haitai Ice Cream in October 2020, Binggrae has implemented various efficiency measures to create synergy, such as conducting joint marketing and integrating logistics centers and sales offices. As a result, the company returned to profitability within two years of the acquisition, and sales have continued to grow, earning praise as a successful acquisition.

The two companies plan to use this merger to respond more proactively to the rapidly changing market environment and to strengthen their market competitiveness by utilizing an efficient and optimized infrastructure. They intend to enhance efficiency by integrating overlapping business organizations and unifying work processes, while also maximizing profitability. In addition, the companies aim to increase sales by expanding the sales channels for both companies' products through overseas exports and e-commerce, among others.

A Binggrae representative stated, "Through the merger of Binggrae and Haitai Ice Cream, we will transform into a global food company leading not only the domestic but also the international food market."