Hanil Jingong Merger Approved... Company Name Changed to 'NewOn'

Appointment of Lee Jong-jin as the First CEO of the Merged Corporation

Hanil Jinkong announced that at the extraordinary general meeting of shareholders held on the 26th, it approved the agenda to merge with NewOn, a company specializing in the development of health functional food materials for body fat reduction, and to change its company name to NewOn.

The new diet material 'Cissus Extract' is an ingredient individually recognized by the Ministry of Food and Drug Safety and is exclusively supplied by NewOn. In actual human application tests, it was confirmed that body fat and body weight decreased by 13% and 8%, respectively. Since 2019, Cissusphil Diet has sold over 40 million packs cumulatively as of January last year, recording the highest sales among single ingredients with body fat reduction effects.

The first CEO of the merged corporation was appointed as CEO Lee Jong-jin, who previously led the healthcare division at Dongkook Pharmaceutical. The company will operate under a professional management system centered on CEO Lee. NewOn has maintained a business partnership with Lee since he met them as a raw material supplier during his time managing the health functional food business at Dongkook Pharmaceutical.

CEO Lee was the key figure who grew the Dongkook Pharmaceutical healthcare division from sales of 15 billion KRW to approximately 200 billion KRW in eight years. He gained industry fame by developing 'Madeca Cream.' Madeca Cream is a cosmetic product utilizing natural ingredients from 'Madecasol Ointment,' which has been loved by consumers for a long time.

Lee Jong-jin, CEO of NewOn, said, "NewOn, with which we have maintained a long-term relationship, is highly valued for its outstanding research and development (R&D) capabilities and its ability to develop new materials specialized in body fat reduction." He added, "After the merger, we will strengthen new growth engines and improve performance, making this year the first year of turning profitable."

With the approval of the merger at the extraordinary general meeting of shareholders, the merger process will be completed on the 29th of next month. The existing Hanil Jinkong will change its company name to NewOn, the merged company, securing a stable financial structure and maximizing the capabilities of the health functional food business by utilizing external recognition and business networks.

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