SJ CORE, a Korean home convenience food manufacturer, is acquired by Medifron Expecting synergy between bio and food development distribution platform through acquisition of K-Food export manufacturer, SJ CORE
Dec 16, 2020, 11:15
Medifron, a biotechnology company that develops new drugs, had the management rights of SJ CORE, which manufactures and sells normal temperature products such as frozen snack foods and powder sauces such as 'Old Elementary School Tteokbokki'. In line with the trend of popularization of convenience food, it is attracting attention as Medifron is taking a buyout of companies that has online distribution channels at domestic and abroad.
SJ CORE, a processed food manufacturer and distributor established in 2013, is headquartered in Gumi, Gyeongsangbuk-do. SJ CORE sells frozen products including Tteokbokki rice cake, fried squid, fried sweet pumpkin, and deep-fried seaweed, and normal temperature products such as cup rice cake soup, soup rice cake powder sauce, and Paldo Sari Noodle.
SJ CORE is known as a small-scale enterprise that received the Million Dollar Export Tower and the Achievement Award in 2015 and achieved exports of million the following year. SJ CORE is also a representative K-food exporter. Due to the Korean Wave and the K-Food fever, demand for products in overseas markets has been raised, and SJ CORE is exporting the products to 22 countries around the world, including the United States, Australia, New Zealand, and Canada. SJ CORE has already achieved a cumulative export of 11 million dollars in 2019.
SJ Core, which has generated the majority of its total sales abroad, is evaluated to have a solid distribution network and thus have profitability. In 2019, sales and net income were KRW 8 billion and KRW 2.5 billion, respectively, and operating income before amortization (EBITDA) recorded KRW 3 billions. By consistently generating cash through business activities, SJ CORE maintained a non-debt management.
As the domestic and overseas HMR markets grow due to the COVID-19, SJ CORE is expected to generate sales of 11 billion won and operating profit of 3.5 billion won this year. Growth is expected to accelerate from 2021 when the new plant is completed.
An official from Medifron said, "By acquiring SJ CORE with a very high profit-generating output, we have secured a solid cash cow that can accelerate the development of new bio drugs.”
For more information on SJ CORE Co., Ltd, please visit www.cooktok.co.kr
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