Lotte Chilsung Beverage said Tuesday it has signed a memorandum of understanding with a Thai retailer to cooperate in the beverage and bottled water businesses, as it seeks to expand its presence in the local market.
The agreement was signed Monday at the Bangkok headquarters of CP Axtra, the retail arm of Thailand's CP Group.
The signing ceremony was attended by Shin Yu-yeol, head of future growth at Lotte Corp.; CP Axtra CEO Tanit Chearavanont; and executives overseeing global business at Lotte Chilsung Beverage and Lotte Wellfood.
Lotte Wellfood, another Lotte Group affiliate, also joined the agreement.
Lotte Chilsung Beverage and Lotte Wellfood plan to develop joint products and enhance market competitiveness by combining Lotte's brand strength with the distribution networks and customer/market data that CP Extra has established in Thailand and the Southeast Asian region.
A company official said, "Through close cooperation between the two companies, we will strive to introduce a variety of products tailored to the needs of local Thai consumers."
Meanwhile, CP Group (Charoen Pokphand Group) is Thailand's largest business conglomerate, operating in various fields including food, distribution, and telecommunications.
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