Daesang Draws Up 60th Anniversary Vision

Company moves to expand total sales to 5 tln won in 2016 under new vision, steps up overseas expansion

Daesang Corp. has decided to expand sales at its affiliates both at home and overseas with a target of 5 trillion won in 2016 from the current 2 trillion won, and also to boost operating profit to 500 billion won from the current 100 billion won, the company said recently.
Key executives of the company and its affiliates in a meeting held Oct. 27-28 at its head office in Shinsol-dong, Seoul, drew up the 60th Foundation Anniversary (2016) Vision, which also spells out a plan to expand the number of overseas business units, centered on India, Russia, and China, to a total of 50 around the world.
President Park Song-chil said the economic conditions for next year would be not so good for business, but they should not be discouraged and must do what they can to fight the situation and turn crises into opportunities.
Under the new vision, Daesang will try to boost food sector sales, including condiments, to 2 trillion won from 850 billion won now, by giving special efforts to the expansion of instant noodle and beverage sales and increase exports of drinking red vinegars whose popularity has been rising overseas, Japan, in particular.
The sale of red vinegar amounted to 53.6 billion won last year and it is projected to reach 80 billion won for all of 2011 and 100 billion won for 2012.
The company is also ready to push the exports of a variety of steak sauces to Western nations to expand its overseas market. The company will focus on the export of starch sweeteners, which has become its cash cow, possibly through M&As with foreign firms overseas. Due to steep hikes in sugar prices, sales of sweeteners made with starch has been growing fast lately.
Officials of the company said its sales of starch sweeteners will likely jump to 400 billion won this year from 300 billion won last year. The company is considering either taking over a starch producer in a Southeast Asian country like Indonesia or a retail sales chain in the region.
The company is also considering entering the business of using starch extracted from corn to make environmentally friendly glues, coating paints and solutions for waste water treatment, among other new materials.
The company plans to expand the number of overseas production subsidiaries and branches from the current 27 to around 50 by 2016 in such countries as China, the United States, Japan, Indonesia, Vietnam, and the Netherlands.
Daesang Corporation has been creating a new taste culture in Korea through its fermented seasoning "Miwon," and upon introducing the total food brand "Chungjungwon" in 1996, it has been developing into a company that is garnering the trust and love of its customers by providing new values through the release of healthy and pure new products centered on brands such as "Wellife," "Rosebud," and "O'foods."
The vision of Daesang Corporation is that of a company that creates a happy future through a healthy food culture. As revealed in the vision, it will become a company that garners the love of its customers by providing them with safe, fresh, tasty, and environmentally friendly foods or food materials through which it creates profits and growth. Accordingly, it plans to create a GWP (Great Work Place) at which everyone can devote themselves to their desired work by giving all of their passions in cheerful ways.
Going forward, Daesang Corporation said it pledges to practice ethical management based on the sharing of common values that take into account people, customers, families, and the society, obtaining growth engines through the creation of future profit sources, increasing profitability through management innovation, and creating a dynamic corporate culture. nw

A view of the building where Daesang Corp and its affiliates are officed in Seoul.

President Park Sung-chil of Daesang Corp.
Photos on courtesy of Daesang Corp.