Korea-based food company Pulmuone Foods has completed acquiring almost all the assets of Vitasoy USA for an undisclosed sum.
The acquisition is intended to strengthen Pulmuone's position in the tofu market, while fortifying its operations in South Korea, US, Japan and China.
Pulmuone Foods will now own Vitasoy USA's brands like NASOYA, AZUMAYA and SAN SUI brands and the acquisition is expected to be complementary and synergistic operationally, logistically, as well as within sales and distribution for the company.
The expanded business through the acquisition will also help Pulmuone to increase its footprint beyond tofu market. The asset purchase agreement was signed on 24 March.
Pulmuone CEO H. Y. Lee said: "This acquisition provides bi-coastal production and logistics capabilities as well as a national sales and distribution platform.
"Pulmuone now has a strong national platform and presence that will not only drive manufacturing and logistics 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 expanded business scale within the USA market will also be the beachhead to drive development and growth of Pulmuone beyond the tofu category."
The acquired entity will be called Nayosa Food and will become a part of the company's expansion in the US.
Pulmuone plans to continue its mergers and acquisition strategy in North American and globally in order to continue its growth process.
Nasoya Food will be led by Ross Gatta. The acquired entity will continue to operate from Ayer in Massachusetts with significant investments planned for its growth.
