Kellogg Co., one of the world's leading cereal makers, said it has moved its Asian headquarters from Singapore to Seoul. Kellogg's main Asian office has opened in a high-rise tower in southern Seoul, the company said.
Shin Hyun-soo, head of Kellogg Asia, said the move was based on the potential and strategic location of the South Korean market.
"South Korea accounts for a quarter of our Asian sales," Shin said. "It can serve as our Asian hub, given its proximity to Japan and China."
South Korea and Japan comprise nearly 80% of Kellogg's total cereal sales in Asia, with China likely to grow into a major market in the future, he added.
The company entered the South Korean market by establishing a joint venture with Nongshim Co., a domestic food maker, in 1980. Nongshim-Kellogg currently dominates the local cereal market with a 52% share.
Source: Asia Pulse