Binggrae Completes Acquisition of Haitai Ice Cream for 132.5 Billion KRW... Appoints Park Chang-hoon as New CEO

[Asia Economy Reporter Lee Seon-ae] Binggrae announced on the 5th that it has completed the acquisition of Haitai Ice Cream.

In March, Binggrae signed a stock purchase agreement with Haitai Confectionery & Foods for the acquisition of Haitai Ice Cream and applied for corporate merger approval from the Fair Trade Commission. As a result of the Fair Trade Commission's review, on September 29, it was determined that there were no issues with Binggrae's acquisition of Haitai Ice Cream. Accordingly, on the same day, Binggrae completed the payment of the remaining balance for the acquisition of Haitai Ice Cream's shares and finalized its incorporation as a subsidiary. The final acquisition amount was 132.5 billion KRW.

Additionally, Binggrae appointed Park Chang-hoon, Executive Director in charge of management planning at Binggrae, as the new CEO of Haitai Ice Cream. Park Chang-hoon joined Binggrae in 1986, served as Managing Director of Binggrae's Finance Department from 2014 to 2018, and has been Executive Director in charge of management planning since 2019. Park was responsible for overseeing the practical aspects of the Haitai Ice Cream acquisition.

CEO Park stated, "For now, we will continue efforts to strengthen product quality and marketing activities to ensure Haitai Ice Cream's successful market settlement," adding, "We plan to gradually establish organizational structure and specific operational plans."

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