Samyang Foods Co., Ltd. is an international South Korean food manufacturer and the first instant ramen company in South Korea.[1] Samyang Food was founded on September 15, 1961 by Jeon Jung Yoon. In 1963, Samyang Food debuted the first Korean instant noodle.
In the early 1970s, Samyang Foods converted a 20 km2 Daegwallyeong forest into a grassland to raise livestock.
In 2010, Jeon In Jang became the company's chairman. The company is now placed third to fourth in the instant noodle market of Korea. Samyang Foods started exporting their products, increasing the company's profits. Recently, the company took over several restaurant chains to expand into the food service industry.
In 2012, Samyang Foods released its Buldak Spicy Chicken Ramen. The new Buldak Spicy Chicken flavor became popular in the YouTube community.[2]
In 2012, Samyang Foods along with several other companies in the Instant Noodles market, including Nongshim, Ottogi, and Korea Yakult, were fined by the Korean Fair Trade Commission for fixing instant noodles prices from 2001 to 2010.[3]
In 2019, Hyundai Development Co., a large shareholder of Samyang Foods with 16.99% stake, pushes for the suspension of board directors with criminal records.[4]
In 2019, Samyang Foods establishes Samyang Japan, its first overseas sales unit. This expansion is due to Japan’s large ramen market, approximately $5.4 billion US dollars of ramen consumption.[5]
In 2020, Samyang Foods launches its new kimchi-flavored Buldak spicy noodles to meet consumer demands and interests in “fire noodles”.[6]
On March 19, 2021, Samyang Foods Co. announced its sales reached a new high due to the increased demands for its instant noodles during the coronavirus pandemic. Samyang Foods Co.’s operating profit increased by 21.9% since last year.[7]
Legal Issues
In the 1980s, Samyang Food began producing other products such as snacks, dairy products, and sauces. The demand for instant noodles in Korea increased, followed by increasing exports to Japan and the United States. In 1989, allegations arose that Samyang used unsafe industrial oil in their noodles. Although ultimately cleared of any wrongdoing, this scandal harmed the company's reputation, and contributed to ending its dominance in the instant noodle market.
In 2018, Samyang Foods Co. reached an agreement with its U.S. subsidiary, Samyang USA, to resolve a nearly $1 billion US dollar legal battle. Samyang USA paid $4.1 million in reparation.[8]
On January 25, 2019, Samyang chairman Jeon In Jang was sentenced to prison for 3 years for embezzling $5 billion Won (USD $4.43 million) of his company's funds.[10] His wife and CEO of Samyang, Kim Jung-soo, was given a 2-year prison term, albeit suspended for 3 years, on the same charges.[11] Since Jeon's imprisonment, Kim has assumed her husband's leadership duties.[10]
Chronology
September 1961: First established the Samyang Dairy Corporation
October 1961: Changed the name to Samyang Industrial Co., Ltd
September 1963: Produced Korea's first instant noodle
October 1965: Changed to Samyang Food Industrial Co., Ltd
November 1967: Moved to Dobong Plant from Wolgok Plant
January 1969: Established Samyang Dairy Products
November 1973: Started construction of Daegwallyeong grassland
January 1978: Established Samyang Oil Industry
October 1978: Opening of the Samyang Medical Corporation
November 1989: Industrial oil scandal
June 1990: Changed the name to Samyang Food Industrial Co., Ltd
^"Exports of S. Korean instant noodles up 122% over 5 years". www.ajudaily.com. 2020-02-18. Retrieved 2020-09-08.
^hermesauto (2018-01-23). "South Korean spicy ramen craze continues, halal version to be launched in Indonesia". The Straits Times. Retrieved 2021-09-11.
^CPI (2012-03-22). "Nongshim, Samyang Foods, Ottogi and Korea Yakult fined for fixing instant noodle prices". Competition Policy International. Retrieved 2021-09-04.
^"HDC seeks to remove Samyang Foods owner couple from board - Pulse by Maeil Business News Korea". pulsenews.co.kr (in Korean). Retrieved 2021-09-11.
samyang, foods, this, article, includes, list, general, references, lacks, sufficient, corresponding, inline, citations, please, help, improve, this, article, introducing, more, precise, citations, february, 2020, learn, when, remove, this, template, message, . This article includes a list of general references but it lacks sufficient corresponding inline citations Please help to improve this article by introducing more precise citations February 2020 Learn how and when to remove this template message Samyang Foods Co Ltd is an international South Korean food manufacturer and the first instant ramen company in South Korea 1 Samyang Food was founded on September 15 1961 by Jeon Jung Yoon In 1963 Samyang Food debuted the first Korean instant noodle Samyang FoodsTypePublicTraded asKRX 003230IndustryFood industryFounded15 September 1961 61 years ago 1961 09 15 HeadquartersSeoul South KoreaArea servedWorldwideRevenue649 billion US 575 millionNumber of employees1 754Websitewww samyangfoods comSamyang FoodsHangul삼양식품Hanja三養食品Revised RomanizationSamyang SikpumMcCune ReischauerSamyang Shikpum Contents 1 History 2 Legal Issues 3 Chronology 4 Products 5 Affiliates of Samyang Samyang family 6 See also 7 References 7 1 Sources 8 External linkHistory EditIn the early 1970s Samyang Foods converted a 20 km2 Daegwallyeong forest into a grassland to raise livestock In 2010 Jeon In Jang became the company s chairman The company is now placed third to fourth in the instant noodle market of Korea Samyang Foods started exporting their products increasing the company s profits Recently the company took over several restaurant chains to expand into the food service industry In 2012 Samyang Foods released its Buldak Spicy Chicken Ramen The new Buldak Spicy Chicken flavor became popular in the YouTube community 2 In 2012 Samyang Foods along with several other companies in the Instant Noodles market including Nongshim Ottogi and Korea Yakult were fined by the Korean Fair Trade Commission for fixing instant noodles prices from 2001 to 2010 3 In 2019 Hyundai Development Co a large shareholder of Samyang Foods with 16 99 stake pushes for the suspension of board directors with criminal records 4 In 2019 Samyang Foods establishes Samyang Japan its first overseas sales unit This expansion is due to Japan s large ramen market approximately 5 4 billion US dollars of ramen consumption 5 In 2020 Samyang Foods launches its new kimchi flavored Buldak spicy noodles to meet consumer demands and interests in fire noodles 6 On March 19 2021 Samyang Foods Co announced its sales reached a new high due to the increased demands for its instant noodles during the coronavirus pandemic Samyang Foods Co s operating profit increased by 21 9 since last year 7 Legal Issues EditIn the 1980s Samyang Food began producing other products such as snacks dairy products and sauces The demand for instant noodles in Korea increased followed by increasing exports to Japan and the United States In 1989 allegations arose that Samyang used unsafe industrial oil in their noodles Although ultimately cleared of any wrongdoing this scandal harmed the company s reputation and contributed to ending its dominance in the instant noodle market In 2018 Samyang Foods Co reached an agreement with its U S subsidiary Samyang USA to resolve a nearly 1 billion US dollar legal battle Samyang USA paid 4 1 million in reparation 8 In 2019 the settlement of two class actions against Defendant Samyang Foods Co have been approved by the Supreme Court of British Columbia and the Superior Court of Justice of Ontario Terms of settlement include that Samyang Foods pay 288 586 98 dollars in compensation 9 On January 25 2019 Samyang chairman Jeon In Jang was sentenced to prison for 3 years for embezzling 5 billion Won USD 4 43 million of his company s funds 10 His wife and CEO of Samyang Kim Jung soo was given a 2 year prison term albeit suspended for 3 years on the same charges 11 Since Jeon s imprisonment Kim has assumed her husband s leadership duties 10 Chronology EditSeptember 1961 First established the Samyang Dairy Corporation October 1961 Changed the name to Samyang Industrial Co Ltd September 1963 Produced Korea s first instant noodle October 1965 Changed to Samyang Food Industrial Co Ltd November 1967 Moved to Dobong Plant from Wolgok Plant January 1969 Established Samyang Dairy Products November 1973 Started construction of Daegwallyeong grassland January 1978 Established Samyang Oil Industry October 1978 Opening of the Samyang Medical Corporation November 1989 Industrial oil scandal June 1990 Changed the name to Samyang Food Industrial Co LtdProducts EditSamyang ramen Hot Chicken Flavor Ramen Samyang bowl amp cup noodles Samyang snacks Refined sugarAffiliates of Samyang Samyang family EditSamyang Ranch 12 Ho Myeon Dang Ho myeon dang Premium Noodle House Gourmet Ho myeon dang Gourmet Noodles and Comfort Food Ho myeon and Ban Oriental Noodle Shop Lamen s We Know Korean Flavor Samyang Sae A chim Samyang Jeju MilkSee also EditList of companies of South KoreaReferences Edit Exports of S Korean instant noodles up 122 over 5 years www ajudaily com 2020 02 18 Retrieved 2020 09 08 hermesauto 2018 01 23 South Korean spicy ramen craze continues halal version to be launched in Indonesia The Straits Times Retrieved 2021 09 11 CPI 2012 03 22 Nongshim Samyang Foods Ottogi and Korea Yakult fined for fixing instant noodle prices Competition Policy International Retrieved 2021 09 04 HDC seeks to remove Samyang Foods owner couple from board Pulse by Maeil Business News Korea pulsenews co kr in Korean Retrieved 2021 09 11 foodnavigator asia com Ramen expansion Korea s Samyang Foods ramps up overseas investment foodnavigator asia com Retrieved 2021 09 11 Samyang Foods launches new kimchi flavored Buldak spicy noodles koreatimes 2020 09 27 Retrieved 2021 09 04 곽영섭 2021 03 19 Samyang Foods sales hit new record in 2020 amid pandemic Yonhap News Agency Retrieved 2021 09 04 Samyang Foods settles legal battle with Samyang USA Pulse by Maeil Business News Korea pulsenews co kr in Korean Retrieved 2021 09 04 LLP Klein Lawyers Notice of approval of certification and settlement against Samyang Foods Co Ltd www newswire ca Retrieved 2021 09 11 a b Samyang chief gets 3 years in jail for embezzlement www theinvestor co kr HDC seeks to remove Samyang Foods owner couple from board Pulse by Maeil Business News Korea pulsenews co kr 삼양목장 삼양패밀리 삼양식 Sources Edit http www etnews com 20171027000329 http news mk co kr newsRead php amp year 2017 amp no 88786 http www sportsseoul com news read 514659 http news mk co kr newsRead php amp year 2017 amp no 107740External link EditOfficial website Portals Food Companies South Korea Retrieved from https en wikipedia org w index php title Samyang Foods amp oldid 1134339830, wikipedia, wiki, book, books, library,
