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Lotte opens new food R&D center in eastern Seoul

All Headlines 11:50 June 01, 2017

SEOUL, June 1 (Yonhap) -- Lotte Group, South Korea's food and retail giant, said Thursday, it will unveil its new food research and development (R&D) center in eastern Seoul, vowing to strengthen its food and bio sectors.

The conglomerate is due to hold a dedication ceremony for the new eight-story building set up on 83,000 square meters, later in the day. It has injected a total of 224.7 billion won (US$200.5 million) in the R&D center, it said in a statement.

Some 300 top executives, including Lotte Group Chairman Shin Dong-bin will attend the ceremony, it added.

The new R&D center will bring synergy for the food and retail conglomerate as it plans to focus on developing key technologies that it hopes will serve to enhance its competitiveness in the food and bio businesses in the future, Lotte said.

The center is Lotte's second R&D establishment on home turf, which is five times bigger than the existing one also located in an eastern district of Seoul. Lotte currently has overseas research units in China, Indonesia and Vietnam.

Lotte opens new food R&D center in eastern Seoul - 1

elly@yna.co.kr
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