Pulmuone Buys US Tofu Maker Vitasoy
29 Mar 2016 --- South Korea’s biggest tofu maker Pulmuone has bolstered its position in the US market by buying the assets of US Asian food provider Vitasoy USA including its flagship tofu brands.
Pulmuone has bought Vitasoy USA for $50 million through its subsidiary company Coast Acquisition Company.
The purchase will give Pulmuone a stronger presence in the tofu markets of US, Japan and China amongst others.
Vitasoy has been making tofu, soymilk and noodles for over 30 years in the US. Its flagship brands are Nasoya and Azumay.
Vitasoy, based in Massachusetts, has supplier deals with key US retailers including Wal-Mart and Safeways.
Pulmuone, which entered the US market in 1991, said the deal will mean that it can make cost-savings on logistics and being able to simplifier its processes.
Mr H Y Lee, chief executive of Pulmuone, said: “Pulmuone now has a strong national platform and presence that will not only drive manufacturing and logistical synergies, but will also enable us to leverage a comprehensive sales and distribution infrastructure to further drive availability of our brands and products within the USA.”
“This expands business scale within the USA market will also be the beachhead for drive development and growth of Pulmuone beyond the tofu category.”
Pulmuone has annual sales of around $1.5 billion.
The company has 25 affiliates including Pulmuone USA. Its US portfolio also includes pastas and sauces brand Monterey Gourmet Foods and the Wildwood brands which offers meat alternatives like tofu, salsas and diary alternatives.
