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Industry

Food industry enters AGM season as commercial act response and new growth drivers come into focus

South Korea\'s food industry has entered the season for annual general meetings, with governance restructuring and securing future growth drivers emerging as key themes. With the revised Commercial Act set to take effect, companies are moving to amend articles of incorporation and adjust board structures, while also putting forward agenda items including reappointment of owner executives and succession-related appointments. Firms are also accelerating diversification and overseas expansion by adding new business purposes and reorganising operations.

Industry

Lotte Wellfood, Binggrae and Orion join price cuts as moves spread to snacks, ice cream and packaged bread

South Korean makers of confectionery, ice cream and packaged bread are cutting prices on some products as part of an effort to support the government’s price-stability drive. Lotte Wellfood, Haitai Confectionery and Orion will lower prices on 10 confectionery items by an average 2.9 to 5.6 percent. Lotte Wellfood and Binggrae will cut prices on eight ice cream products, while Lotte Wellfood and Samlip will lower prices on packaged bread.

Industry

Nongshim, Samyang, Ottogi to cut instant noodle prices; cooking oil prices also to fall

Instant noodle and cooking oil makers will cut prices on some products, the industry said. President Lee Jae-myung said he had been briefed that producers will lower shipment prices from next month by up to the double digits. Nongshim, Ottogi, Samyang Foods and Paldo plan to cut prices for noodles, while CJ CheilJedang, Daesang and others will reduce prices for cooking oils. Some snack makers are also considering price cuts.