Article at a GlanceThe background behind Dongwon's relentless expansion into new businesses and achieving 'Chain Innovation' can be summarized as follows:
1. Dongwon delved deeper into its core business to discover links of innovation. As the company focused on aluminum needed for its packaging business and conducted related research, it successfully entered the battery cathode foil and cell pouch markets. By expanding its tuna can manufacturing technology, Dongwon entered the cylindrical battery can market.
2. Mergers and acquisitions were a process of finding the puzzle pieces to complete the big picture. Instead of merely increasing its size, Dongwon first created a blueprint for its new business and persistently sought companies to fill the gaps. Focusing on the essence of the business and the sustainability of the organization, rather than price, led to successful mergers and acquisitions.
3. The ultimate goal of corporate acquisition is people. By embracing and integrating the employees of acquired companies under Dongwon’s roof through its 'Growth Together' culture, the company successfully stabilized its organizational culture after mergers and acquisitions.
When discussing Dongwon, one cannot leave out the word tuna. Kim Jae-chul, the Honorary Chairman who roamed the seas catching tuna, founded Dongwon Industries in April 1969 with an initial capital of 10 million KRW. In 1982, Dongwon launched Korea’s first canned tuna product, "Dongwon Tuna," making a leap toward becoming a comprehensive food company. Even 40 years later, Dongwon Tuna remains a long-standing brand, holding over 80% of the domestic market share.
Over the past 50 years, Dongwon has continuously expanded its business, starting from the primary industry of fisheries to the secondary manufacturing and tertiary services industries. As a result, it has built a business portfolio encompassing fisheries, food, packaging, and logistics. Furthermore, it has grown into a global company with subsidiaries such as StarKist, the world’s largest canned tuna brand; Vietnam's packaging company TTP; and Senegal's fisheries canning company SNCDS. Last year, Dongwon Group achieved its highest-ever total revenue of 9.0263 trillion KRW since its establishment.
Dongwon is now raising the anchor for another leap forward based on the business foundation it has built over more than half a century. Dongwon Industries, which previously focused on “capture fishing,” is now venturing into “aquaculture.” Identifying salmon as the next key seafood product after tuna, the company is establishing a smart salmon farming complex in Yangyang County, Gangwon Province. Dongwon Loex, a comprehensive logistics subsidiary, has chosen the smart port business, equipped with 100% unmanned automation technology, as its future venture. Currently, it is constructing a smart port at Busan New Port, with plans to open in the second half of this year. Dongwon Systems, which has been producing tuna cans and various packaging materials, is transforming into a high-tech materials specialist through its battery cathode foil business.
