▶KT&G announced its ‘global vision’ at its headquarters in Daejeon. Executives and employees including Bok-in Baek, CEO (front lane, the sixth from right) saying ‘way to go!’ to become global top 4 tobacco maker by 2025
KT&G (CEO Bok-in Bae) announced its mid-to-long term ‘global vision’ aiming to become one of the world’s top four players by 2025 on November 30.
Bok-in Baek, CEO of KT&G, 150 executives and employees together with buyers from overseas attended the event including best employee award and vision proclamation ceremony at its headquarters in Daejeon.
In order to achieve its goal to more than quadruple its global sales and newly enter markets in Latin America and Africa as well as existing markets including middles east and Russia, it will establish its regional offices in the Asia-Pacific, America, Africa and Eurasia that focus on developing brands that meet the needs of local consumers.
KT&G’s overseas sales reached 941.4 billion won ($868 million) last year by selling 48.7 billion cigarettes worldwide. Its overseas sales amounting to just 2.6 billion cigarettes in 1999 started to increase in 2002 after privatization. It is estimated to hit a record high this year as it has sold 41.5 billion cigarettes during January to September.
The company has been maintaining its leading position in the local market with share of 60 percent despite competition from foreign rivals entering the Korean market since 1988. KT&G is the only local company defending its domestic market in the world. Quality-oriented management and marketing capability led KT&G a global company amid cut-throat competition against multi-national players.
Exports have been on the rise since it started management overhaul on advice from professional managers after privatization in 2002, according to an official from KT&G.
Bok-in Baek, CEO of KT&G said, “KT&G aims to become global top 4 tobacco maker by 2025 by working hard to develop new brands and pursue bold reorganization. The Company will become a global level export company to contribute to the economy and job creation as well.”