Samyang Food
Samyang Food Industrial Co., Ltd KRX: 003230 is an international South Korean food manufacturer and the first instant ramen company in South Korea.
 | |
| Industry | Food Industry |
|---|---|
| Founded | 1961  |
| Headquarters | Seoul, South Korea |
Area served | Worldwide |
| Revenue |  US$ 188 million |
Number of employees | 1,511 |
| Website | www |
| Samyang Food | |
| Hangul | 삼양식품 |
|---|---|
| Hanja | 三養食品 |
| Revised Romanization | Samyang Sikpum |
| McCune–Reischauer | Samyang Shikpum |
History
Samyang Food was founded in September 15, 1961 by Jeon Jung Yoon. In 1963, Samyang Food debuted the first Korean instant noodle. In the early 1970s, Samyang Food 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 Food started exporting their products, increasing the company's profits. Recently, the company took over several restaurant chains to expand into the food service industry.
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 instant noodle market.
On 25 January 2019, Samyang chairman Jeon In Jang was sentenced to prison for 3 years for embezzling $5 billion Won (USD $44.3 million) of his company's funds.[1] 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.[2] Since Jeon's imprisonment, Kim has assumed her husband's leadership duties.[1]
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
Products
- Samyang ramen
- Samyang bowl & cup noodles
- Samyang snacks
- Refined sugar
Affiliates of Samyang (Samyang family)
- Samyang Ranch[3]
- 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 Milk
See also
References
- "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".