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Harim Group to invest $371 mn to build food complex in Iksan

Collected: 2018.02.28

Distributed: 2018.03.02

Source: Go Direct

[Photo provided by Harim Group]

South Korea’s leading livestock and animal feed company Harim Group will invest 400 billion won ($370.5 million) to build an integrated food complex dubbed Harim Food Complex to join the ready-to-eat cuisine market.

Harim Group said on Tuesday it broke ground for the new multiple-purpose site consisting of three food processing factories and a logistics center on a space of 120,709 square meters in Iksan, North Jeolla Province. It plans to complete the construction by the second half of 2019.

Harim aims to become a leading food maker by producing a wide range of food products including ready-to-eat or ready-to-cook meals, sauces, natural flavors and instant cooked rice at its new factories.

Increasing single households and higher female participation in economic activities have created a surge in demand for ready-to-eat or ready-to-cook meals in Korea.

Harim Group already decided to build a bigger poultry slaughter and processing lines near Mangseong-myeon in Iksan with an investment of 170 billion won and additionally secured a land of 53,623 square meters to build another high-tech food processing plant in the region to turn the area its supply base. The total investment in the city of Iksan could go over 500 billion won when counting in Harim Food Complex.

“Harim’s food cluster will help to make North Jeolla Province become the food hub of Northeast Asia,” said an official at Harim.

As of 1:12 p.m. Wednesday, shares of Harim were 2.15 percent down at 3,415 won from the previous session.

By Lee Hee-soo and Lee Ha-yeon

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