ID :
197833
Thu, 07/28/2011 - 11:20
Auther :
Shortlink :
https://oananews.org//node/197833
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S. Korean firm buys U.S. chicken producer
SEOUL, July 28 (Yonhap) -- Harim Co., a South Korean food company, said Thursday that it has taken over a U.S. poultry company in a bid to expand its global market presence.
Harim said its U.S. unit, Harim USA, got approval from a bankruptcy court in Delaware on Wednesday (U.S. time) after winning the right at an auction earlier this week to buy Allen Family Food Inc.
The Delaware-based company filed for bankruptcy protection last month following a severe downturn in the U.S. poultry industry.
Harim said it will take control of a 43 percent stake in the company. The company estimated that it costs a total of US$120 million to take over the U.S. firm's plants and farms.
Allen Family Food, established in 1919, reported sales reaching $400 million last year. Harim said the takeover will help it expand its presence in overseas meat markets.
Harim, which is engaged in a diverse range of food processing areas as well as the poultry business, reported a net profit of 23.2 billion won on sales of 163 billion won in the first quarter of this year.
Harim said its U.S. unit, Harim USA, got approval from a bankruptcy court in Delaware on Wednesday (U.S. time) after winning the right at an auction earlier this week to buy Allen Family Food Inc.
The Delaware-based company filed for bankruptcy protection last month following a severe downturn in the U.S. poultry industry.
Harim said it will take control of a 43 percent stake in the company. The company estimated that it costs a total of US$120 million to take over the U.S. firm's plants and farms.
Allen Family Food, established in 1919, reported sales reaching $400 million last year. Harim said the takeover will help it expand its presence in overseas meat markets.
Harim, which is engaged in a diverse range of food processing areas as well as the poultry business, reported a net profit of 23.2 billion won on sales of 163 billion won in the first quarter of this year.
