Samyang Foods Breaks Ground on New Export Hub 'Miryang New Factory' with 200 Billion KRW Investment... Annual Production of 600 Million Ramen Packs

Scheduled for Completion in Early 2022... Will Become a New Growth Engine for Overseas Business

[Asia Economy Reporter Lee Seon-ae] Samyang Foods has broken ground on its new factory in Miryang, which will serve as an export forward base.

On the 19th, Samyang Foods held a groundbreaking ceremony for the new factory at the Nano Convergence National Industrial Complex in Bubuk-myeon, Miryang City, attended by Kim Jeong-su, Samyang Foods General President; Jeong Tae-woon, CEO; Jin Jong-gi, CEO; Kim Kyung-soo, Governor of Gyeongsangnam-do; Park Il-ho, Mayor of Miryang; and Kim Ha-yong, Chairman of the Gyeongnam Provincial Council.

The event proceeded in the order of introduction and progress of the new factory, commemorative speeches, and congratulatory addresses.

In his commemorative speech, General President Kim said, “Many companies establish overseas production bases to reduce costs, but we decided to build a factory here in Miryang to revitalize the domestic economy. As the number one food export company, we will strive to enhance the status of Korean food worldwide.”

The Miryang factory was initially planned with an investment of 130 billion KRW but the investment scale was expanded by 70 billion KRW, totaling 200 billion KRW. Scheduled for completion in early 2022, it will be built with a total floor area of 69,801㎡, consisting of five above-ground floors and one basement floor. Automated production lines for noodles and soup, as well as export-dedicated production lines, will be established. Upon completion, it will be capable of producing up to 600 million ramen noodles annually. Consequently, Samyang Foods’ maximum annual ramen production will increase from 1.2 billion units at the existing Wonju and Iksan factories to 1.8 billion units.

Samyang Foods plans to further expand production capacity through phased facility expansions. In particular, leveraging the advantageous location for exports, the Miryang factory will be developed as an export forward base dedicated to producing export products.

Previously, in December last year, Samyang Foods decided to build a new factory in Miryang due to a surge in overseas demand and signed an investment agreement with Gyeongsangnam-do, Miryang City, and Korea Land and Housing Corporation. Samyang Foods’ overseas sales increased ninefold in four years from 30 billion KRW in 2015 to 272.7 billion KRW in 2019, driven by the global popularity of the Buldak brand. Without any overseas production plants, Samyang Foods manufactures all export volumes domestically. Thanks to this export boom, it achieved 200 million USD in exports in 2018 and currently accounts for half of Korea’s ramen exports.

This content was produced with the assistance of AI translation services.