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Photo = Hite Jinro |
[Alpha Biz= Reporter Kim Sangjin] Seoyoung ENT, a subsidiary of the Hite Jinro Group, announced on the 17th that it has acquired BNB Korea, a cosmetics manufacturer specializing in Original Design Manufacturing (ODM). This move aims to expand beyond food and position the company as a leader in lifestyle products.
Seoyoung ENT, which manufactures and distributes beer coolers, has been seeking new business ventures. BNB Korea reported a revenue of 44.2 billion KRW and an operating profit of 7 billion KRW last year, with a goal of achieving 73 billion KRW in sales and 15 billion KRW in operating profit for this year.
This acquisition is part of Seoyoung ENT's strategy to discover new growth engines for the Hite Jinro Group, especially as the domestic liquor market continues to decline.
The company is majority-owned by Park Tae-young, the president of Hite Jinro and the eldest son of Park Mun-duk, chairman of the Hite Jinro Group, holding a 58.44% stake. Park Jae-hong, the second son and vice president of Hite Jinro, owns 21.62%, while the chairman himself holds 14.69%.
Additionally, Seoyoung ENT possesses a 27.7% stake in Hite Jinro Holdings, the holding company of the Hite Jinro Group, making it the second-largest shareholder after Chairman Park, who owns 29.5%.
AlphaBIZ Kim SangJin(letyou@alphabiz.co.kr)
