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Samyang Foods

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South Korean food company
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Samyang Foods
Company typePublic
Traded asKRX: 003230
IndustryFood industry
Founded15 September 1961; 63 years ago (1961-09-15)
HeadquartersSeoul, South Korea
Area servedWorldwide
RevenueIncrease 649 billion ₩
US$ 575 million
Number of employees1,754
Websitehttps://roundsquare.ai
Samyang Foods
Hangul삼양라운드스퀘어
Hanja三養라운드스퀘어
Revised RomanizationSamyang Raundeuseukweeo
McCune–ReischauerSamyang Raundŭsŭk'weŏ

Samyang Roundsquare Co., Ltd. (Korean: 삼양라운드스퀘어) is an international South Korean food manufacturer and the first instant ramen company in South Korea. Samyang was founded on September 15, 1961, by Jeon Jung Yoon. In 1963, Samyang debuted the first Korean instant noodle.

History

In the early 1970s, Samyang Foods converted a 20 km Daegwallyeong forest into a grassland to raise livestock.

In 2010, Jeon In Jang became the company's chairman. The company is now placed third to fourth in the instant noodle market of Korea. Samyang Foods started exporting their products, increasing the company's profits. Recently, the company took over several restaurant chains to expand into the food service industry.

In 2012, Samyang Foods released its Buldak Spicy Chicken Ramen. The new Buldak Spicy Chicken flavor became popular in the YouTube community.

In 2012, Samyang Foods along with several other companies in the Instant Noodles market, including Nongshim, Ottogi, and Korea Yakult, were fined by the Korean Fair Trade Commission for fixing instant noodles prices from 2001 to 2010.

In 2019, Hyundai Development Co., a large shareholder of Samyang Foods with 16.99% stake, pushed for the suspension of board directors with criminal records.

In 2019, Samyang Foods established Samyang Japan, its first overseas sales unit. This expansion was motivated by Japan’s large ramen market, approximately US$5.4 billion of ramen consumption.

In 2020, Samyang Foods launched its new kimchi-flavored Buldak spicy noodles to meet consumer demand and interest in "fire noodles".

On March 19, 2021, Samyang Foods Co. announced its sales reached a new high due to the increased demands for its instant noodles during the coronavirus pandemic. Samyang Foods Co.’s operating profit increased by 21.9% over the previous year.

Legal Issues

In the 1980s, Samyang Food began producing other products such as snacks, dairy products, and sauces. The demand for instant noodles in Korea increased, followed by increasing exports to Japan and the United States. In 1989, allegations arose that Samyang used unsafe industrial oil in their noodles. Although ultimately cleared of any wrongdoing, this scandal harmed the company's reputation, and contributed to ending its dominance in the instant noodle market.

In 2018, Samyang Foods Co. reached an agreement with its U.S. subsidiary, Samyang USA, to resolve a nearly US$1 billion legal battle. Samyang USA paid $4.1 million in reparation.

In 2019, the settlement of two class actions against Defendant Samyang Foods Co. have been approved by the Supreme Court of British Columbia and the Superior Court of Justice of Ontario. Terms of settlement include that Samyang Foods pay $288,586.98 in compensation.

On January 25, 2019, Samyang chairman Jeon In Jang was sentenced to prison for 3 years for embezzling $5 billion Won (US$4.43 million) of his company's funds. His wife and CEO of Samyang, Kim Jung-soo, was given a 2-year prison term, albeit suspended for 3 years, on the same charges. Since Jeon's imprisonment, Kim has assumed her husband's leadership duties.

In June 2024, Denmark recalled several spicy ramen noodle products after the Danish Veterinary and Food Administration assessed the levels of capsaicin in a single packet to be high enough to pose a risk of the consumer developing acute poisoning.

Chronology

  • September 1961: First established the Samyang Dairy Corporation
  • October 1961: Changed the name to Samyang Industrial Co., Ltd
  • September 1963: Produced Korea's first instant noodle
  • October 1965: Changed to Samyang Food Industrial Co., Ltd
  • November 1967: Moved to Dobong Plant from Wolgok Plant
  • January 1969: Established Samyang Dairy Products
  • November 1973: Started construction of Daegwallyeong grassland
  • January 1978: Established Samyang Oil Industry
  • October 1978: Opening of the Samyang Medical Corporation
  • November 1989: Industrial oil scandal
  • June 1990: Changed the name to Samyang Food Industrial Co., Ltd
  • July 2023: Changed the name to Samyang Roundsquare Co., Ltd.

Products

Affiliates of Samyang (Samyang family)

  • Samyang Ranch
  • Ho Myeon Dang
  • Ho myeon dang (Premium Noodle House)
  • Gourmet Ho myeon dang (Gourmet Noodles and Comfort Food)
  • Ho myeon and Ban (Oriental Noodle Shop)
  • Lamen's (We Know Korean Flavor)
  • Samyang Sae A-chim
  • Samyang Jeju Milk

See also

References

  1. "Exports of S. Korean instant noodles up 122% over 5 years". www.ajudaily.com. 2020-02-18. Archived from the original on 2024-09-03. Retrieved 2020-09-08.
  2. hermesauto (2018-01-23). "South Korean spicy ramen craze continues, halal version to be launched in Indonesia". The Straits Times. Archived from the original on 2021-06-07. Retrieved 2021-09-11.
  3. CPI (2012-03-22). "Nongshim, Samyang Foods, Ottogi and Korea Yakult fined for fixing instant noodle prices". Competition Policy International. Archived from the original on 2021-09-04. Retrieved 2021-09-04.
  4. "HDC seeks to remove Samyang Foods owner couple from board - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Archived from the original on 2024-09-03. Retrieved 2021-09-11.
  5. foodnavigator-asia.com. "Ramen expansion: Korea's Samyang Foods ramps up overseas investment". foodnavigator-asia.com. Archived from the original on 2021-08-03. Retrieved 2021-09-11.
  6. "Samyang Foods launches new kimchi-flavored Buldak spicy noodles". The Korea Times. 2020-09-27. Archived from the original on 2021-09-04. Retrieved 2021-09-04.
  7. 곽, 영섭 (2021-03-19). "Samyang Foods' sales hit new record in 2020 amid pandemic". Yonhap News Agency. Archived from the original on 2021-09-04. Retrieved 2021-09-04.
  8. "Samyang Foods settles legal battle with Samyang USA - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Archived from the original on 2024-09-03. Retrieved 2021-09-04.
  9. LLP, Klein Lawyers. "Notice of approval of certification and settlement against Samyang Foods Co., Ltd". www.newswire.ca. Archived from the original on 2021-09-11. Retrieved 2021-09-11.
  10. ^ "Samyang chief gets 3 years in jail for embezzlement". www.theinvestor.co.kr. Archived from the original on 2021-08-20. Retrieved 2019-08-27.
  11. "HDC seeks to remove Samyang Foods owner couple from board - Pulse by Maeil Business News Korea". pulsenews.co.kr. Archived from the original on 2024-09-03. Retrieved 2019-08-27.
  12. "Samyang: Denmark recalls Korean ramen for being too spicy". www.bbc.com. Archived from the original on 2024-06-12. Retrieved 2024-06-13.
  13. "삼양목장 | 삼양패밀리 | 삼양식". Archived from the original on 2017-12-01. Retrieved 2017-11-30.

Sources

  1. http://www.etnews.com/20171027000329
  2. http://news.mk.co.kr/newsRead.php?&year=2017&no=88786
  3. http://www.sportsseoul.com/news/read/514659
  4. http://news.mk.co.kr/newsRead.php?&year=2017&no=107740

External links

Portals:
KOSPI 200 companies of South Korea
Categories: