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| Nongshim's second production facility in Los Angeles, California / Korea Times file |
Nongshim is considering building its third U.S. instant noodle plant in the eastern part of the U.S. to meet growing demand in the world's largest economy, according to the company chairman.
"We are considering the eastern region of the United States as a strong candidate (to build the production facility) and may be able to give shape to our plan around the end of this year or early next year," Nongshim Chairman Shin Dong-won said during the company's regular shareholders meeting at its headquarters in Seoul, Friday.
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| Nongshim Chairman Shin Dong-won |
Though, on a question regarding when and where the facility will open, the Nongshim official said nothing concrete has been decided about the plan yet.
The chairman's decision stems from Nongshim consistently increasing sales in the United States.
According to its business report released on March 26, the food firm's U.S. sales marked 561.3 billion won ($431.7 million) last year, up 39 percent, year-on-year. On top of that, it has achieved 1 trillion won in overseas sales for the second consecutive year following 2021.
Nongshim is currently operating two production facilities in the western United States alone. In particular, its second plant in Los Angeles' average capacity utilization rate is said to have exceeded 80 percent already.
Co-CEO of Nongshim Lee Byung-hak, who chaired the shareholders meeting on the day, also revealed the company's goal to expand its global business.
"Nongshim achieved overseas sales of 1 trillion won last year, solidifying its position in the global market. We will restructure our business model, which has been centered on instant noodles and snacks, not only to improve the efficiency of our existing core business, but also to diversify our portfolio," Lee said.
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