Bulgarian water bottling company Devin said on Friday it has signed a distribution agreement with South Korea’s Encyiks and Human Co.
“Under the agreement, Devin will provide natural mineral, sparkling and spring water, which will be distributed in South Korea,” the company told SeeNews in an e-mailed statement.
Encyiks and Human Co. plans to expand its operations in the future and might offer Devin bottled water in other Asian countries, according to the statement.
The duration of the distribution deal is three years, with the option to be extended with interest from both sides.
In March 2017, Belgian mineral water producer Spadel acquired a 93.29% stake in Devin from Advent International for around 120 million euro ($146.9 million).
Founded in 1992, Devin bottles and sells a wide range of products including mineral water, spring water and table water. Together with its national network of distribution partners, the company delivers its products to more than 35,000 retail outlets across Bulgaria.
South Korea will host the 2018 Winter Olympics from 9 to 25 February in Pyeongchang county.