Miwon, meaning “The Spring of Tastes” in Korean, has been synonymous with the nation’s seasoning industry for several decades as a necessity in restaurants. No wonder many people know Miwon, but not many know the name Lim Dae-hong. Sixty years have passed after Miwon made its debut. It was a coincidence that the founder died on April 5 this year, 60 years after its founding. The late Lim prioritized research and development for his whole life, which has brought tremendous change in the Korean cuisine and dietary culture. The late Lim is deemed to be a humble first-generation company founder who pioneered a new business area. 

What does the motherland mean to him?

When Lim was born in Jeongeup, Jeollabukdo, in 1920, the nation had been under Japanese imperial rule. He began his career as an official of a county office after graduating from Iri Agricultural High School. He is famous for an anecdote in which he teamed up with his colleagues to dispel a Japanese senior official who had annoyed and bullied Korean juniors. Lim was unhappy with the fact that ajinomoto, a seasoning named after the Japanese company Ajinomoto, which was being smuggled into the nation at the tine, had won over Koreans’ taste buds, and the Japanese-made seasoning was sold at a significantly higher price than even rice. 

He quit his public life and entered the trading business before he headed for Osaka to learn a process for producing a seasoning in 1955. He had to toil his way like a servant to learn a process of producing glutamic acid, an essential ingredient of the seasoning. He founded the Dong-A Hwasung Industial Co., the predecessor of Daesang Group in January 1956.

The late Lim had devoted his life as a researcher. Even though he acquired the production technology, he also hit another bottleneck — a lack of equipment. He explored an idea of developing a stone kettle as a strong container to produce glutamic acid. Even though Lim held such high-profile posts as chairman of Miwon Co. in 1968 and the founder-chairman of Daesang Group in 1997, he had maintained a low profile to turn to research alone, instead of engaging in outside activities. 

Daesang Honorary Chairman Lim Chang-wook, the oldest son of the founder, said, “My father had lived as a researcher who was engrossed in the development of new products even after he stepped down from management. Despite his advanced age of more than 90, his concern was about how to produce items that will lead the future of the group and contribute to the state.”  

Daesang’s Future Growth Engines

Daesang, an entirely home-grown Korean company, has become one of the nation’s top household comprehensive food companies. It boasts the world’s top-class fermentation technology. It was established with Korean capital and its own technology in 1956. Celebrating its 60th anniversary this year, Daesang has declared its 2016 management tasks to be maximizing profits in core businesses and securing future growth engines. Specifically, Daesang strives to lay a foundation for stable profits through the strengthening of core capabilities. The company devotes itself to exploring future growth engines for its “second founding,” and it is trying to expand its global business portfolios.

Daesang plans to secure financial resources essential for the exploration of future growth engines by earning profits in conventional mainstay businesses, including fermented soy and artificial seasoning. Specifically, Miwon, the group’s first brand synonymous with the group’s history, is entering an aggressive marketing mode. Daesang is trying to resurrect the fermented soy paste and artificial seasoning businesses, including red pepper paste, changing its raw material from rice to unpolished rice, and naturally matured soy sauce. The company has released such ready-made cuisines as the Whistling Cook so far this year. 

The company is trying to tap the potential of the B2B market in consideration of sagging economic conditions, caused by Korea’s low growth rate and aging population.

The company is expanding its global businesses strategically to reflect the fact that the domestic food market cannot grow further at home due to Korea having the lowest birth rate in the developed world. The company’s strategy is designed to ensure continued growth by expanding the global business that Daesang is now focusing on. The strategy concentrates on making inroads into foreign alcoholic beverage markets by taking advantage of such food businesses as red pepper paste and Hongcho vinegar drink. The company is stepping on the gas to establish itself as a material production company by exploring overseas production centers.