Major Japanese snack manufacturer Calbee has inked a deal with its long-term business partner in South Korea – Haitai Confectionery – to set up a local snacks joint venture.
Located in Wonju-si in South Korea, the venture – Haitai-Calbee Co. – will be formed next month with capital investment of KRW23.2bn (US$21.6m).
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“As part of our global strategy, the JV is expected to help us expand our market share in South Korea, which holds a very promising snack food market in Asia,” said a Tokyo-based Calbee spokesman.
He said the venture will mainly manufacture potato crisps, along with other snacks. Calbee expects the venture to generate annual sales of JPY3bn (US$37.1m) within the next five years.
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