Nissin Foods Co., a subsidiary of Japanese noodle manufacturer Nissin Foods Holdings Co., plans to acquire South Korean baked grain crispy rolls maker Gaemi Food for Won48bn ($34.9m).
Upon completion of the acquisition, Gaemi Food will become a part of Nissin Foods Co.’s brand portfolio, which includes popular noodle brands Fuku, Demae Iccho, and Nissin Donbei.
The purchase will also include Gaemi Food’s sweets, chocolate, and chewy gum brand Kemy, enhancing Nissin Foods Co.’s non-noodles business segment.
In addition to baked crispy grain rolls and confectionery, Gaemi Food produces a variety of snacks and private-label foods.
Nissin Foods Co. emphasized that the acquisition will strengthen its distribution capabilities in China and South East Asia, aligning with the growing demand for convenient food products.
Kiyotaka Ando, executive director, chairman, and CEO of Nissin Foods Co., mentioned that the move signifies a strategic milestone for the company in expanding its presence in Korean and international markets.
Furthermore, the company sees opportunities for growth in the baked grain crispy rolls market due to increasing consumer interest in convenient food options.
Notably, Gaemi Food has a strong presence in South Korea, China, Japan, Vietnam, Indonesia, Taiwan, Thailand, Australia, and the US. For the fiscal year ending December 31, 2023, Gaemi Food reported revenues of Won20.1m.
Nissin Foods Holdings Co., owner of Nissin Foods Co., is known for its range of noodle products sold globally under brands like Soba and Nissin Premium Bag. In 2018, the holding company entered Hong Kong through a joint venture with Kagome Co., a Japanese peer.
