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Taiwan's Uni-President plans to acquire South Korean Woongjin Foods

Uni-President pushes for 'large distribution platform in Asia'

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Unipresident Chairperson Alex Lo (羅智先) and spokesperson Tu Chung-cheng (凃忠正). (CNA photo)

Unipresident Chairperson Alex Lo (羅智先) and spokesperson Tu Chung-cheng (凃忠正). (CNA photo)

TAIPEI (Taiwan News) — Uni-President’s board has authorized a share purchase to take over South Korea’s Woongjin Foods.

The board authorized the purchase of 20.68% of Woongjin’s shares on Tuesday (Jan. 30), per CNA. As the company already holds a 79.32% stake, the purchase will give Uni-President full ownership.

After the pandemic, Uni-President has accelerated its expansion across various locations in Asia. Uni-President Chair Alex Lo (羅智先) said this is in line with the company's plans to “create a large distribution platform in Asia.”

South Korea’s Woongjin Foods has been one of Uni-President’s strongest performers in the Asian market since 2019, per UDN. Uni-President’s planned acquisition represents the group’s determination to push into Northeast Asia, it said.

Originally founded as a flour factory in 1967, Uni-President follows a diversified business strategy and has expanded into retail, biotech and pharmaceuticals, beauty, department stores, logistics, and more, maintaining a leading position in Taiwan’s food industry. It has also expanded into the Asia-Pacific region, such as Thailand, Vietnam, the Philippines, and Malaysia since 1992.

Uni-President recently completed its acquisition of Carrefour Taiwan in June in a NT$29 billion deal (US$930 billion).