Hite Jinro (000080) will stop production at its Iksan soju plant on October 16. Yonhap reported the closure on Wednesday.
The company will consolidate the plant's production functions at its Jeonju facility. Equipment and employees will move in stages. Hite Jinro said it will use the existing production and logistics infrastructure in Jeonju. The company plans no separate new production facility for the consolidation. The Iksan site has operated for 69 years.
Production at Iksan ends in mid-October. Employees will move with the production equipment. The company's market capitalisation was ₩1.1 trillion at Wednesday's close.
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| Symbol | Last Price |
|---|---|
| 000080Hite Jinro | ₩15,250 -0.8% |