Dongwon Group Vice Chairman Kim Nam-jung, second son of the group's founder and honorary chairman Kim Jae-chul, was promoted to chairman at the group's board meeting held Thursday. Kim’s promotion fills the position which had been vacant for five years since the retirement of the honorary chairman in 2019. "We will inherit the achievements and management philosophy of honorary chairman Kim Jae-ch.
Dongwon Group has abandoned its bid to acquire McDonald s Korea, according to company officials, Thursday, citing an unresolvable disagreement with its U.S. headquarters on how to manage the fast food chain in Korea.
Dongwon Industries, the holding firm of Dongwon Group, signed a memorandum of understanding with Boryung Partners recently to acquire a controlling stake in Boryung Biopharma, which is estimated to be worth 500 billion won ($384 million). Once the acquisition deal is finished, Dongwon Group will be able to enter the biopharmaceutical industry for the first time in its 54-year history.