Latest news with #KimJung-soo
The Star
3 days ago
- Business
- The Star
Samyang Foods completes plant expansion amid growing demand for Buldak spicy ramyeon
This photo provided by Samyang Foods Inc. shows its new plant in Milyang, some 280 kilometers southeast of Seoul. - Photo: Yonhap SEOUL: (Bernama-Yonhap) Samyang Foods Inc., known for its globally popular Buldak spicy ramyeon, said on Wednesday (June 11) it has completed a plant expansion to meet rising global demand for its signature product, Yonhap News Agency reported. The company said it has constructed a second production facility adjacent to its existing plant in Milyang, some 280 kilometres (km) southeast of Seoul. Samyang operates two other domestic plants in Wonju and Iksan, located 85 km southeast and 180 km south of the capital, respectively. The new Milyang plant, equipped with a smart factory system, will serve as Samyang's global manufacturing hub to meet surging demand in the United States (US) and Europe and to better address evolving customer needs, the company said in a press release. In her speech at the completion ceremony, Samyang Foods Chief Executive Officer (CEO) Kim Jung-soo said that as the creamy, spicy Carbo Buldak is currently the brand's most beloved product, the company will continue to explore and diversify the spicy flavour category to become the definitive "bible of spiciness." "We aim to make the Buldak brand a cultural icon. Over the past decade, content focused on eating more, faster and spicier has taken the lead. "Going forward, we want to become a platform for content that is more enjoyable and entertaining," she said. The new facility adds an annual production capacity of 830 million Buldak ramyeon units, bringing the company's total Buldak output across its four plants to 2.9 billion units per year. In addition to its domestic facilities, Samyang plans to begin construction of its first overseas plant in China next month. The company currently has operations in China, Japan, Indonesia, the Netherlands and the United States. Last year, Samyang's sales surged 45 per cent to 1.73 trillion won (US$1.26 billion) from 1.19 trillion won a year earlier, driven by robust sales of its Buldak ramyeon series, particularly in the United States and China. Its exports also exceeded 1 trillion won for the first time in its history in 2024. Since its launch in 2012, cumulative sales of the hot chicken-flavoured instant noodles have surpassed 7 billion units, generating more than 4 trillion won in revenue. Buldak ramyeon gained worldwide attention after its extreme spiciness sparked a viral food-eating challenge in 2014. - Bernama-Yonhap
Korea Herald
3 days ago
- Business
- Korea Herald
Buldak rages on: Samyang fires up US push with new export plant
With record overseas sales, Samyang readies tariff response to safeguard global momentum MIRYANG, South Gyeongsang Province — Through the glass-paneled corridors of a pristine, state-of-the-art facility, rows of conveyor belts carry neat rectangles of wavy ramyeon, still glistening from a sixty-second plunge into boiling vegetable oil. This deep-frying marks the midpoint in the noodle-making process. "Each unit will soon be paired with its sauce packet, then sealed and sent through a final round of quality control," explained plant manager Oh Seung-yong. The final product bears a familiar name on its packaging: Buldak Ramen, the flagship noodle brand of South Korea's Samyang Foods, whose unrelenting global momentum has given rise to this just-completed, next-generation smart plant. At Wednesday's factory opening, Vice Chair Kim Jung-soo vowed to keep pushing the envelope: 'The star of Buldak has only just begun to blaze. It will burn hotter, shine brighter and we'll keep it burning long into the future.' Riding a wave of record-breaking momentum, with overseas sales surpassing 1 trillion won ($730 million) last year and its stock price climbing above 1 million won, Samyang Foods sees the new production base as key to meeting surging global demand. Currently, the Buldak maker produces all its noodles domestically, though its first overseas plant, now under construction in China, is slated for completion in 2027. The recently opened plant, established as an extension of its existing facility in Miryang, South Gyeongsang Province, joins Samyang's network of production sites in Wonju, Gangwon Province, and Iksan, North Jeolla Province, boosting total annual ramyeon capacity from 2.08 billion to 2.8 billion units. Spanning a total floor area of 34,500 square meters, it was completed in just 15 months after breaking ground in March 2024, with a total investment of 183.8 billion won. Unlike the original Miryang facility, which primarily handles exports to China, the new plant is aimed squarely at Western markets, particularly the United States and Europe. While overseas markets make up 80 percent of the company's overall sales, the US market charted a robust expansion last year, reaching $280 million in sales, a 127 percent increase year-over-year. The US accounted for around 27 percent of Samyang's overseas revenue, followed by China at 29 percent. The European market contributed 18 percent. 'Compared to the first facility, this new site is a far more technology-infused operation, capable of producing up to 830 million units of noodles annually,' said Oh at a press conference held a day before the opening ceremony. According to him, the second plant features autonomous mobile robots to boost operational efficiency, while proprietary packaging logistics technology is expected to cut production costs. The facility also brings Samyang a step closer to its green goals, with expanded capacity for solar energy generation. Still Buldak-focused For the time being, Samyang isn't letting up on Buldak, even as it stirs excitement with new launches like Maptang, a fiery soup-based noodle for the next wave of heat-seekers. 'We're not claiming to have reached the peak, but rather that we've entered the right trajectory,' said CEO Kim Dong-chan during the press conference. 'Just as Coca-Cola is a household name around the world, our goal for Buldak is for it to stand shoulder to shoulder with that level of brand recognition. Vice Chair Kim also noted that Buldak is evolving beyond a food trend into a cultural symbol, becoming a platform for joyful and entertaining content. 'Over the past decade, Buldak content was all about eating (something) more and spicier, but now, we aim to create experiences people can genuinely enjoy with Buldak,' Kim said. 'Just as (we did with) our creamy variant, Carbo Buldak, we'll continue to explore and expand the spicy spectrum to showcase the full depth of our flavor range.' Although tariffs remain a source of uncertainty for the company, Samyang is staying well-prepared, according to CEO Kim. 'We are now subject to a 10 percent baseline tariff, with additional duties possibly taking effect in July,' he said. 'To respond swiftly, we've formed a task force to assess regional cost structures and prepare countermeasures across key markets.'
Forbes
14-04-2025
- Business
- Forbes
Korean Couple Taste Global Success With Their Spicy Buldak Noodles
Kim Jung-soo. Samyang Roundsquare This story is part of Forbes' coverage of Korea's Richest 2025. See the full list here. Shares of Samyang Foods have been on the boil, up 265% over the past year, fueled by the raging popularity of its spicy Buldak (fire chicken in Korean) instant noodles. Their creator Kim Jung-soo is a newcomer this year with a fortune of $1.3 billion, which she shares with her husband Chun In-jang, the former chairman of the company. Kim was a stay-at-home mom until 1998 when she joined the ramen giant founded by her father-in-law. Inspired by crowds at a Buldak restaurant in Seoul, Kim launched the spicy noodles in 2012. Sales took off after social media posts with K-pop icons, such as BTS, tucking into bowls of Buldak ramen went viral. Samyang Foods reported a 45% year-on-year rise in revenue to 1.7 trillion won ($1.2 billion) in 2024 and a 114% jump in net profit to 271 billion won. Overseas sales, the bulk of which are from the U.S. and China, doubled during the same period, accounting for half of the total. Kim and her husband faced the heat in 2020 when they were convicted of embezzling some 5 billion won of company funds. While Kim, who maintained her innocence, got a suspended sentence and was eventually pardoned, her husband served three years in prison but still faces a trial over alleged tax fraud, a charge he's denied. Their son Jeffrey, a Columbia University grad, is being readied as her successor.
Korea Herald
14-04-2025
- Entertainment
- Korea Herald
Samyang CEO visits Coachella in global push for Buldak brand
Samyang Foods, the maker of the globally popular Buldak ramyeon, announced Monday that Vice Chairman and CEO Kim Jung-soo visited the Coachella Valley Music and Arts Festival in California, where the company's Buldak booth officially opened last Friday as part of the brand's global engagement efforts. The booth was established through the Korean firm's first official partnership with Coachella and is expected to serve as a key platform for promoting the Buldak brand to global consumers. 'This visit marks the beginning of our global on-site management strategy,' said Kim Nam-sook, head of Samyang's Buldak brand division. 'By connecting with festival-goers from around the world, we aim to showcase the excellence and competitiveness of Buldak — to make it not just Korea's No. 1, but the world's leading spicy sauce brand. Following Kim's philosophy that on-site engagement is fundamental, we'll continue to be present where it matters.' During her visit, Kim participated in six interactive brand events, sampled various dishes paired with Buldak sauce, and engaged with Coachella staff and festival visitors. According to Samyang Foods, the booth attracted a great deal of attention during the festival's opening weekend, with internationally renowned artists and celebrities stopping by to taste Buldak sauce and experience the booth's immersive digital content. The company also unveiled its newly redesigned Buldak hot sauce packaging as part of its global marketing campaign, 'Rocket Hot: Ride the Buldak High.' The booth featured fiery visuals and a flame-shaped QR code, giving visitors access to a range of digital experiences. Samyang Foods aims to deepen consumer engagement through interactive packaging and an omnichannel strategy that bridges digital and offline touchpoints. Buldak's booth and sampling events at Coachella will continue through April 20.
