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(Photo= Yonhap news) |
[Alpha Biz= Reporter Kim Jisun] Lotte WelFoods, under the leadership of Chairman Shin Dong-bin of Lotte Group, is pushing forward with the sale of the Jeungpyeong bakery factory in Chungbuk.
According to investment banking (IB) sources on the 27th, Lotte WelFoods is actively pursuing the sale of the Jeungpyeong factory. SPC Group, Shilla Myungga, and other bakery companies have completed their due diligence. The sale price is estimated to be around 200 billion KRW.
The Jeungpyeong factory is currently in the final stages of decision-making for the sale.
Lotte WelFoods has been planning to downsize its bakery factories since last year. Despite generating annual sales of 200 billion KRW, the factories, including those in Jeungpyeong, Busan, and Suwon, have been operating at low capacity.
In addition to the bakery factories, Lotte WelFoods is also in the process of selling non-core assets. Last September, it sold its entire stake (35.4%) in the Yangpyeong building located in Yeongdeungpo-gu, Seoul, to its affiliate, Woori Home Shopping, for 722 billion KRW. The company is also pursuing the sale of domestic factories.
AlphaBIZ Kim Jisun(stockmk2020@alphabiz.co.kr)
