Lotte Chilsung Beverage signs MOU with Thailand's CP Axtra to expand beverage exports

Lotte Chilsung Beverage announced Tuesday it has signed an MOU with CP Axtra, the retail arm of Thailand's CP Group, to cooperate on beverage and bottled water business.

The signing ceremony took place at CP Axtra's headquarters in Bangkok and was attended by Shin Yu-yeol, head of the future growth division at Lotte Holdings; Tanit Chearavanont, CEO of CP Axtra; and executives overseeing global business at Lotte Chilsung Beverage and Lotte Wellfood.

Lotte Chilsung Beverage aims to expand its beverage and bottled water brands through CP Axtra-operated retail channels in Thailand, including Makro and Lotus's. The company plans to broaden its export product portfolio and explore ways to place dedicated products in CP Axtra stores.

Lotte Wellfood also joined the agreement. Both Lotte Chilsung Beverage and Lotte Wellfood intend to go beyond simple product imports and sales with CP Axtra, sharing business capabilities and expertise. The two sides will also pursue joint product development using the distribution network and customer and market data that CP Axtra has built across Thailand and Southeast Asia.

"This MOU is significant in that it lays the groundwork for long-term cooperation with CP Axtra, which has an established retail network in Thailand," a Lotte Chilsung Beverage official said.

CP Group (Charoen Pokphand Group) is Thailand's largest conglomerate, with operations spanning food, retail, telecommunications and other sectors.