Namyang Dairy Products has signed a K-food export agreement worth 10 billion won over the next three years with Maximus, a leading Mongolian food distributor, the company said on the 10th.
Namyang Dairy participated in the Korea-Mongolia economic delegation on the 9th as the only Korean dairy company and concluded the agreement. It marks the company's second achievement through an economic delegation, following a three-year, 70 billion won export agreement signed in April this year with Phu Thai Holdings, Vietnam's largest distribution company, during the Korea-Vietnam economic delegation.
Under the agreement, Namyang Dairy plans to expand its export lineup beyond its existing export product, 'Imperial XO' infant formula, by adding 'I'm Mother' and 'Baby Love Water,' as well as Da Vinci cheese, Delicious Milk GT sterilized milk, and Namyang yogurt. Using Maximus's nationwide distribution network of more than 13,000 outlets, the company will also broaden its sales channels to include large retailers such as Nomin and Orgil, CU and GS25 convenience stores, traditional markets, and neighborhood grocery stores. It plans to continue expanding products tailored to local consumer demand based on refrigerated and frozen logistics infrastructure going forward.
Namyang Dairy explained that the agreement is an example of its efforts to restore trust following management normalization leading to global business results. Since switching its management system in January last year, the company has established a professional management system and strengthened compliance and ethical management, while focusing on expanding its product portfolio to reflect consumer demand.
The company's global business growth is also continuing. Exports in the first quarter of this year reached 16.4 billion won, up 81% from a year earlier. Of this, infant formula exports centered on Cambodia and Vietnam rose about 54%, while exports of other products, including freeze-dried coffee, mix coffee, and protein products, increased about 136%.
"We will continue to expand our export products and export destinations in the global market to sustain our overseas business growth," said Kim Seung-eon, President and CEO of Namyang Dairy.
