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Hahn & Co. Takes Helm at Namyang Dairy: Ending 60 Years of Family Ownership

South Korea 01.04.2024
Source: The DairyNews
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In a significant corporate shakeup, Hahn & Co. has assumed control of Namyang Dairy Products, marking the end of six decades of family ownership within the dairy firm.
Hahn & Co. Takes Helm at Namyang Dairy: Ending 60 Years of Family Ownership
During the recent shareholders meeting at Namyang's headquarters in southern Seoul, executives from Hahn & Co. were appointed as key directors, accompanied by Lee Myung-Chul, chair of Institut Pasteur Korea, as an outside director.

The transition saw the departure of previous directors, including Hong Won-sik, the former chair of Namyang Dairy Products, amid prolonged disputes with Hahn & Co. over corporate governance.

Despite its prominent position in the dairy sector, Namyang encountered challenges post-2010, exacerbated by controversies such as a 2013 boycott stemming from unfair distributor practices and family involvement in drug scandals.

Responding to mounting pressure, Hong initially announced plans to sell his shares to Hahn & Co. in 2021, signaling his resignation. However, the plan was later retracted.

Following a court order in January, Hahn & Co. emerged as the primary shareholder, solidifying its control over the company.

Namyang has faced consecutive losses since 2020, reporting deficits of 77.9 billion won ($57.8 million) in 2021, 86.8 billion won in 2022, and 72.4 billion won in 2023.

Hahn & Co.'s acquisition strategy garnered acclaim with its successful takeover of Woongjin Foods, a local food company, ultimately selling it five years later at a price five times higher than the initial purchase.
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