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Orion to invest 830 bln won in facilities for growth
Orion Corp., a major South Korean confectionery company, said Tuesday it will invest 830 billion won (US$584 million) in its production facilities to sharply drive up its sales in the coming years.
Orion will invest 460 billion won to build an integrated "one-stop" facility to handle processes from production to logistics in Jincheon, about 90 kilometers south of Seoul, by 2027, the company said in a press release.
Orion, best known for its iconic Choco Pie, currently operates six domestic plants and 11 overseas facilities -- six in China, two in Vietnam, two in Russia and one in India.
The company also plans to expand its overseas production facilities in Russia and Vietnam to meet rising demand for its confectionery and beverage products.
In Russia, Orion will spend 240 billion won to upgrade one of its two plants. In Vietnam, it will inject 130 billion won to expand one of its two factories with a plan to build the third one by 2026, the release said.
Helped by expanded production facilities, Orion aims to achieve an operating profit of 1 trillion won on sales of 5 trillion won in the long term.
The company did not provide a specific timeframe for its goals.
Orion reported an operating income of 543.59 billion won on sales of 3.1 trillion won in 2024.
"The company now earns more than 65 percent of its overall sales in overseas markets through continued investments for growth in the past 30 years," it said.
kyongae.choi@yna.co.kr
Source Text
Date
2025.04.16
Views
192
According to Yonhap News,
Orion Corp., a major South Korean confectionery company, said Tuesday it will invest 830 billion won (US$584 million) in its production facilities to sharply drive up its sales in the coming years.
Orion will invest 460 billion won to build an integrated "one-stop" facility to handle processes from production to logistics in Jincheon, about 90 kilometers south of Seoul, by 2027, the company said in a press release.
Orion, best known for its iconic Choco Pie, currently operates six domestic plants and 11 overseas facilities -- six in China, two in Vietnam, two in Russia and one in India.
The company also plans to expand its overseas production facilities in Russia and Vietnam to meet rising demand for its confectionery and beverage products.
In Russia, Orion will spend 240 billion won to upgrade one of its two plants. In Vietnam, it will inject 130 billion won to expand one of its two factories with a plan to build the third one by 2026, the release said.
Helped by expanded production facilities, Orion aims to achieve an operating profit of 1 trillion won on sales of 5 trillion won in the long term.
The company did not provide a specific timeframe for its goals.
Orion reported an operating income of 543.59 billion won on sales of 3.1 trillion won in 2024.
"The company now earns more than 65 percent of its overall sales in overseas markets through continued investments for growth in the past 30 years," it said.
kyongae.choi@yna.co.kr
Source Text
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Source: Yonhap News (April 15, 2024)