Nongshim
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| Nongshim Co., Ltd. | |
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Native name
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주식회사 농심 |
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Romanized name
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Nongshim |
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Formerly called
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Lotte Food Industrial Company |
| Traded as | KRX: |
| Industry | Food and Beverage |
| Founded | Seoul, South Korea (September 18, 1965) |
| Headquarters | Dongjak-gu, Seoul, South Korea |
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Number of locations
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| Products |
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| Revenue |
 ₩2,181.62 billionUS$1.83 billion (2015) |
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₩118.28 billion US$99.3 million (2015) |
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₩117.33 billion US$98.5 million (2015) |
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| Total assets |
₩2,418.71 billion US$2.03 billion (2015) |
| Total equity |
₩1,646.47 billion US$1.38 billion (2015) |
| Parent | Nong Shim Holdings Co Ltd |
| Website | eng |
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Footnotes / references |
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Nongshim Co., Ltd. (Hangul: 농심; Hanja: 農心; Translation: Farmer's Heart) is a South Korean food and beverage company headquartered in Seoul, South Korea. Nongshim was founded in 1965 under the name Lotte Food Industrial Company. The name was changed to Nongshim in 1978.
Nongshim is the largest ramyun (Hangul: 라면; Japanese: ラーメン; Chinese:拉麵; Translation: instant noodle) and snack company in South Korea. Its products include ramyun, snacks, and bottled water. Nongshim products are now available in over 100 countries.
On September 18, 1965, Nongshim was established under the name Lotte Food Industrial Company in Seoul, South Korea. When Nongshim introduced its first ramyun, Lotte Ramyun, in 1965, there were 7 other companies in the market.
As a second mover in the ramyun industry, Nongshim focused on Research and Development. Along with the South Korea’s first commercialized snack, Shrimp Cracker (Hangul: 새우깡; Romanization: Saewookang; 1971), Beef Ramyun (Hangul: 소고기라면; 1970), and Nongshim Ramyun (1975), Nongshim achieved 35% market share in the mid-1970s. On March 6, 1978, Nongshim changed its name from Lotte Food Industrial Company to Nongshim Co., Ltd.
During the 1980s, Nongshim invested highly on machinery, equipment, and systems. The Ansung factory was built in 1981 to specialize in powder soup, used to flavor the ramyun.
Many of the Nongshim’s famous ramyun products were introduced during the 1980s: Neoguri (Hangul: 너구리; Seafood Udon Soup; 1982), Ansungtangmyun (Hangul: 안성탕면; 1983), Jjapagetti (Hangul: 짜파게티; 1984) And Shin Ramyun (Hangul: 신라면; 1986). Cup and bowl type noodles were also introduced during this period.
Nongshim’s market share reached 40% in 1984, and became a leading company of the market in March, 1985. With Shin Ramyun (1986), the most beloved instant noodle brand in South Korea, Nongshim reached 46.2% of the ramyun market share in 1987, 53.2% in 1988, and 58% in 1989.
On January 1, 1991, Nongshim introduced its new corporate identity (CI): Nongshim Seed. The Gumi factory was built in September, 1991. Since 1994, Nongshim applied CIM (Computer Integrated Manufacturing) System, for production.
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