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Photo courtesy of Binggrae |
[Alpha Biz= Paul Lee] Binggrae announced plans to absorb Haitai Ice Cream, which it acquired over five years ago, in a merger aimed at streamlining operations and boosting competitiveness.
On the 13th, Binggrae’s board of directors approved the merger, designating Binggrae as the surviving entity. The company originally acquired 100% of Haitai Ice Cream’s shares from the Crown Haitai Group in October 2020. Haitai Ice Cream’s flagship brands include Bravo Cone, Nougat Bar, and Bababamba. Binggrae plans to hold a board meeting on March 12 to approve the merger, with completion expected on April 1.
Since acquiring Haitai Ice Cream, Binggrae has implemented various efficiency measures, including joint marketing and integrated distribution operations, to generate synergy. Within two years of the acquisition, Haitai Ice Cream returned to profitability, with continuous revenue growth, leading industry observers to regard the acquisition as successful.
Following the merger, the combined company aims to respond more effectively to rapidly changing market conditions, leveraging optimized infrastructure to strengthen competitiveness. The merger will also consolidate overlapping business units and unify workflows, targeting both efficiency and profitability. Binggrae plans to expand sales channels through overseas exports and e-commerce to further boost revenue.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
