Seoul: Hanwha Hotels and Resorts Co., a unit of the South Korean conglomerate Hanwha Group, announced its acquisition of a 58.62 percent stake in the local ready-to-eat meals supplier Ourhome Co. for 869.5 billion won (US$617 million) to enhance its food service business.
According to Yonhap News Agency, the acquisition involved purchasing shares from Koo Bon-seong and Koo Mi-hyun, members of the controlling Koo family, along with two other related shareholders. A company official stated that this strategic move, in partnership with Ourhome, aims to transform both the domestic and global food markets significantly.
Hanwha Hotels secured government approval for this merger last month. Ourhome, which separated from South Korea’s LG Group in 2000, is a prominent supplier of ready-to-eat meals and food ingredients, catering primarily to companies and schools. Additionally, the company provides catering services and exports food distribution solutions, including cafeteria operations.
Hanwha Hotels, under the leadership of Kim Dong-seon, the son of Hanwha Group Chairman Kim Seung-youn, runs a nationwide network of resorts and hotels. Ourhome reported 2.24 trillion won in sales last year, considerably exceeding the 750.9 billion won posted by Hanwha Hotels.