…but will retain current management
A joint press release by Lotte and Guylian states that the existing management team, which also applies to operations in the United States, will remain intact. Lotte and the former family shareholders have agreed to “continue to invest” in the state-of-the-art production facility, management, employees, research and development and the Guylian brand. Guylian, which is known for its chocolate sea shells, posted annual sales of $125.9 million last year. According to a report in the International Herald Tribune, it has an annual production capacity of $291.1 million. Separately, Lotte just recently announced that it will invest $85 million in the construction of a new confectionery plant in Obninsk, Russia, to manufacture Xylitol chewing gum and Dream Pies. Lotte Confectionery’s sales last year reached $923 million.