Binggrae announced on the 13th that it held a board of directors meeting and resolved to merge with Haitai Icecream. Under this merger, Binggrae will remain as the surviving entity and absorb Haitai Icecream. The company plans to hold a board meeting to approve the merger on February 12 and complete the merger on April 1.

Binggrae holds 100% of the shares in Haitai Icecream. Since acquiring Haitai Icecream in October 2020, it has pursued various efficiency measures to generate synergies, including joint marketing and integrated operation of logistics centers and sales offices. The company achieved a turnaround to profit within two years of the acquisition, and sales have continued to grow.

The two companies plan to use the merger to respond more proactively to the rapidly changing market environment and to strengthen market competitiveness by leveraging efficient and optimized infrastructure.

They intend to first integrate overlapping business organizations and unify work processes to enhance efficiency while at the same time maximizing profitability. In addition, by expanding sales of both companies’ products through multiple channels such as overseas exports and e-commerce, they aim to contribute to revenue growth.

A Binggrae official said, “Through the merger of Binggrae and Haitai Icecream, the company will be reborn as a global food enterprise leading not only the domestic but also the overseas food markets.”

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