Daesang’s Acquisition of Lucky Foods Boosts Global Presence
Key Points:
- South Korea’s Daesang Corporation acquires US-based Lucky Foods to strengthen global operations.
- Lucky Foods specializes in Asian cuisine, with its Seoul Kimchi brand being a major contributor to its business.
- Daesang aims to expand core categories, including Kimchi, sauces, and home meal replacement products.
- Investment in Lucky Foods’ facilities will enhance production capacity and automation.
- Daesang envisions becoming a prominent Asian grocery company in the US by 2030.
Daesang Corporation, a leading South Korean manufacturer of food and pharmaceutical ingredients, has strategically acquired Lucky Foods, a renowned US-based food company, in a move to amplify its global operations. With the completion of its Los Angeles factory last year, Daesang has further bolstered its production base by integrating a local food company in the United States.
The acquisition of Lucky Foods provides Daesang with a prime opportunity to diversify its business in key categories, such as Kimchi, sauces, and home meal replacement products. Lucky Foods, established in 2000 and situated in Oregon, specializes in Asian culinary delights and boasts the Seoul Kimchi brand, which contributes significantly to its overall business. This acquisition will substantially enhance Daesang’s market presence and enable the company to tap into Lucky Foods’ extensive range of products, including sauces and spring rolls.
Daesang plans to make substantial investments in expanding and upgrading Lucky Foods’ factories to optimize production capacity. The company aims to double the output of Seoul Kimchi and introduce advanced automation facilities within the factory premises. Furthermore, Daesang is committed to strengthening its sales organization, refining marketing strategies, and augmenting research and development capabilities to support its expanded operations in the US market.
Looking ahead, Daesang has set a visionary goal for 2030—to become a preeminent Asian grocery company ingrained in every American household. By focusing on Korean cuisine staples like Kimchi and red pepper paste, Daesang aims to establish a dominant presence across all product categories, encompassing frozen, refrigerated, and room temperature offerings. The company also intends to actively pursue new business prospects to solidify its position in the American market.
Daesang’s acquisition of Lucky Foods represents a significant milestone in its global expansion strategy. With increased resources and market access, Daesang is poised to flourish in the US market and contribute to the growing popularity of Korean cuisine among discerning American consumers.
