CHICAGO — East Balt Bakeries, a manufacturer of fresh and frozen bakery products to the food service market, has agreed to acquire majority ownership in the bakery operations of Korea Food Service Company (K.F.S.C.), located in Asan City Chung Nam. East Balt previously had a minority ownership position in K.F.S.C., which included a distribution business as well as a bakery business.
As a result of the transaction, East Balt will own 80% of a newly formed company, East Balt Korea, which will focus only on the bakery operations. The majority ownership is expected to add approximately $20 million in sales revenue to East Balt on an annual basis.
Founded in 1997, K.F.S.C. produces and distributes hamburger bread and food items for fast-food chains.
East Balt Bakeries is a privately held, global bakery manufacturer of soft and hard rolls, English muffins, tortillas and bagels for customers in the food service segment. East Balt operates 20 wholly-owned and jointly-owned bakeries across Europe, Asia, the Middle East, Africa and North America.“This is an exciting time for East Balt Bakeries and clearly demonstrates our commitment to growth,” said Mark Bendix, chief executive officer of East Balt Bakeries. “The acquisition will not only help us better serve our current customers — and expand our customer base, but also strengthen our product innovation abilities and drive operational excellence in the region.”