Lotte unites Korea, Japan food units under new Asia venture

Lotte Group said Tuesday it will unite its Korean and Japanese food businesses under a Singapore-based joint venture next month, turning a long-held vision of combining its two food operations into an overseas-focused reality.

The new company, formed by Korea's Lotte Wellfood and Japan's confectionery arm, will oversee operations across Asia, with Shin Yoo-yeol, the eldest son of Chairman Shin Dong-bin and head of the group's future growth division, at the helm of the joint venture's board.

The ...