April 24, 2024
Retail & Consumer
Cargill eyes W1.5tr revenue by 2025 in Korea
[THE INVESTOR] US commodity trading company Cargill said on May 12 it has set an annual revenue target of 1.5 trillion won (US$1.33 billion) in Korea by 2025.
David MacLennan, CEO of the global agricultural commodity firm, said the company plans to increase its annual feed production to 2.7 million tons from the current 1.6 million tons over the next eight years to meet the revenue target for the Korean market.
“We are proud of our legacy built by the hard work of our employees in Korea, and we are committed to continue to invest in and grow in this market,” MacLennan told a media briefing in Seoul earlier in the day.
MacLennan pinned high hopes on the local market, currently the ninth-largest globally with an annual production of 19 million tons, as Korea holds great growth potential as a society with strong infrastructure and political stability in spite of continuing jitters, he said.
Given that Cargill’s total production of livestock feed stands at some 15-17 million tons per year, its Korean portion will likely rise to around 20 percent, according to market analysis.
By Alex Lee and newswires (alexlee@heraldcorp.com)
David MacLennan, CEO of the global agricultural commodity firm, said the company plans to increase its annual feed production to 2.7 million tons from the current 1.6 million tons over the next eight years to meet the revenue target for the Korean market.
“We are proud of our legacy built by the hard work of our employees in Korea, and we are committed to continue to invest in and grow in this market,” MacLennan told a media briefing in Seoul earlier in the day.
MacLennan pinned high hopes on the local market, currently the ninth-largest globally with an annual production of 19 million tons, as Korea holds great growth potential as a society with strong infrastructure and political stability in spite of continuing jitters, he said.
Given that Cargill’s total production of livestock feed stands at some 15-17 million tons per year, its Korean portion will likely rise to around 20 percent, according to market analysis.
By Alex Lee and newswires (alexlee@heraldcorp.com)
![[Exclusive] Korean military set to ban iPhones over 'security' concerns](http://res.heraldm.com/phpwas/restmb_idxmake.php?idx=151&simg=/content/image/2024/04/23/20240423050599_0.jpg)
