Binggrae said on the 13th that its board of directors met and approved a merger with Haitai Ice Cream Co.
Under the merger, Binggrae will be the surviving entity and will absorb Haitai Ice Cream Co. Binggrae plans to hold a board meeting to approve the merger on Feb. 12 and complete the merger on Apr. 1.
Binggrae holds 100% equity in Haitai Ice Cream Co. After acquiring Haitai Ice Cream Co. in Oct. 2020, it carried out efficiency measures to generate synergy, including joint marketing and integrated operation of logistics centers and sales offices. It returned to the black two years after the acquisition, and sales also trended higher.
The two companies plan to proactively respond to the rapidly changing market environment and strengthen market competitiveness by using efficient, optimized infrastructure through this merger. They will maximize profitability while improving efficiency by integrating overlapping business units and standardizing work procedures. They also plan to expand sales of both companies' products through multiple channels such as exports and e-commerce.
A Binggrae official said, "Through the merger of Binggrae and Haitai Ice Cream Co., we will be reborn as a global food company leading not only the domestic but also the overseas food markets."