Harim seeks to buy U.S. poultry company

SEOUL, July 18 (Yonhap) -- Harim Corp., a leading South Korean food company, said Monday that it is seeking to buy a U.S. poultry company as part of its efforts to expand its global market presence.
Harim, headquartered in Iksan, 230 kilometers south of Seoul, said it has decided to bid for Allen Family Foods Inc., which filed for bankruptcy protection last month following severe cutbacks in the U.S. poultry industry.
The Delaware-based company, established in 1919, reported sales reaching US$45 million last year, making it the 18th-largest poultry company in the world.
Harim, which is engaged in a diverse range of food processing areas as well as the poultry business, reported sales reaching 163 billion won (US$153 million) in the first quarter of this year with net gains reaching 23.2 billion won.
"Allen owns many bird feed factories in Indonesia and Vietnam and has other overseas operations," a Harim company spokesman said, adding that Harim is interested in these assets that could help it down the road.
The spokesman, who declined to be identified, said the company cannot explain any more details at present and may make further announcements as the bidding process moves forward.
yonngong@yna.co.kr