Otoki to invest 56.5 bln won in U.S. subsidiary

SEOUL, May 14 (Yonhap) -- Otoki Corp., a major South Korean food company, said Wednesday it will invest 56.5 billion won (US$40 million) in its U.S. subsidiary to strengthen its presence in the American market.

Otoki, formerly known as Ottogi, said in a regulatory filing that it plans to purchase 400,000 shares of Otoki America Holdings, Inc. on June 27.

"The U.S. subsidiary is wholly owned by Otoki, and it will issue 400,000 shares next month," a company spokesperson said.

In March, the company announced a target for overseas sales of 1.1 trillion won by 2030, nearly triple the 361.4 billion won it posted in 2024.

Overseas sales in 2024 accounted for about 10 percent of the company's overall sales of 3.54 trillion won.

To help achieve its 2030 target, Otoki plans to complete a global logistics center in South Korea by April next year and build a ramyeon plant in the United States by 2027.

Otoki, best known for its Jin Ramen product, currently operates several domestic logistics centers and production facilities in South Korea, Vietnam and New Zealand.

kyongae.choi@yna.co.kr
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