Lotte Confectionery Co. on Thursday changed its name to Lotte Wellfood Co., 56 years since its foundation, as the company prepares to expand globally following its merger with Lotte Food Co. last year.
Lotte Confectionery finalized the name change at a shareholders meeting Thursday to reflect its renewed business strategy and strengthen its presence as a global food company, it said in a statement. The new name will take effect starting April 1.
"Our mid-to-long term goal is to increase the proportion of our global business from the current 20 percent to 50 percent," the statement read.
Last year, Lotte Confectionery merged with Lotte Food, a food and dairy products maker of Lotte Group, to improve profitability and streamline overlapping business areas.
The company had posted over 3 trillion won (US$2.34 billion) in sales and an operating profit of more than 112 billion won in 2022.
Source: Yonhap News Agency