Hyuons Group announced on the 17th that it will absorb and merge its health supplement business division into its subsidiary Hyuons Pudiance through partitioning.
Through this, the group stated that it will restructure the health supplement business, which had been separated between Hyuons and Hyuons Pudiance, and consolidate it into Hyuons Pudiance. The company explained that this decision aims to enhance the competitiveness and expertise of both the pharmaceutical and health supplement businesses within the group, thereby improving management efficiency.
Hyuons noted that through this merger, it will focus its capabilities on the pharmaceutical business, including new operations for the second plant's injection line next year and exporting injections to the U.S. Hyuons had previously completed the acquisition of equity in Pangen through an extraordinary general meeting on the 13th and incorporated Pangen as a new subsidiary. The company stated that this will further strengthen its research and development capabilities as well as contract development and manufacturing.
The partitioning and merger is expected to complete its registration process in May after the regular shareholders' meeting in March next year. Song Soo-young, the CEO of Hyuons, said, "Through this partitioning and merger, the two companies will be able to enhance their expertise in their respective business areas, and we expect to generate synergies in management efficiency, corporate value, and shareholder value."
After this partitioning and merger, Hyuons Pudiance plans to enhance its research and development and marketing capabilities in addition to its existing production capacity. Hyuons Pudiance manufactures and sells various health supplements such as ginseng, red ginseng, probiotics, and vitamins after merging with Hyuons Nature and Hyuons Natural in January 2022.