Samyang Foods to establish overseas plant in China

South Korea's Samyang Foods Co. said on Monday it will build its first overseas plant in China. 

The company plans to invest 64.7 billion won ($45 million) to establish Samyang Singapore PTE and build its Chinese facilities through the Singaporean corporation. 

Samyang Foods owns 90% of Samyang Singapore. The company didn't disclose specific plans, including the timing and size of the Chinese production entity and local plant.

Samyang Foods' proportion of overseas exports is expected to exceed 80% for the first time, thanks to its uber-popular Hot Chicken Flavor Ramen, or Buldak-bokkeum-myeon in China, Southeast Asia, and the US. 

The company's annual exports grew from 93 billion won in 2016 to 809.3 billion won last year, a ninefold increase in seven years. 

The overseas exports in the first three quarters of this year accounted for 77% of Samyang Food's total sales.

China is the largest market, accounting for 25% of Samyang Foods' exports. The company's Miryang plant 1 in South Gyeongsang Province produces food goods for export to China. 

After the plant completion in China, Miryang plant 1 is expected to be dedicated to export to the US and Europe. 

Write to Hun-Hyoung Ha at hhh@hankyung.com