Sun-in Co., a leading Korean specialty food ingredient manufacturer and distributor, and Goldman Sachs, a leading global investment bank and investor in Sun-in, announced on Jan. 15 the launch of the “Breaking Bread Together” campaign with the Korean Red Cross to provide freshly baked bread to children of low-income families.
In 2017, Sun-in secured 34 billion won investment from Goldman Sachs.
According to “The Status of Child Feeding Support” report announced by Rep. Park Chan-dae on the Education Committee of the National Assembly, the number of children in Korea at risk of being underfed or malnourished reached 317,234 as of 2017. Social welfare institutions, including the Red Cross, estimate that the number actually exceeds 400,000, when including children who are in welfare blind spots.
In response, Sun-in and Goldman Sachs have designed and launched a campaign with the Red Cross to ensure children and teenagers will not go hungry, malnourished or develop unhealthy eating habits.
The “Breaking Bread Together” campaign will systematically bake and distribute fresh, warm bread to children of low-income families on a weekly or bi-weekly basis depending on the region. Sun-in and Goldman Sachs have provided donations and the volunteers of the Red Cross are in charge of baking and bread distribution. Companies or volunteers interested in participating in the campaign can do so by signing up on the campaign page within Red Cross website at: http://www.redcross.or.kr/breadcampaign
Since last year, on a weekly basis, Sun-in, the Red Cross and Goldman Sachs have been running a pilot program of the campaign in Daejeon. From January, the campaign will be expanded to 16 cities across the nation through the bread distribution centers of the Korean Red Cross. The new regions include big cities like Seoul, Daegu, Ulsan and Gwangju, as well as small and medium-sized cities like Yangju and Jinju. As a result, the number of nationwide families receiving freshly baked bread will exceed 1,100 households and there are plans to further expand throughout Korea in 2019.
Korean Red Cross President Park Kyung-seo stated, “There is great significance in partnering with a leading Korean food ingredient company and a global investment bank to address malnutrition and hunger faced by children. The nationwide network of the Korean Red Cross’ 120,000 strong volunteers will be utilized to maximize the benefits of this program for our society.”
“For the last 30 years, rather than talk about it, Sun-in has been committed to being a company that contributes to the community through our actions. Sun-in is deeply moved by the opportunity to partner with the Korean Red Cross and Goldman Sachs to deliver meaningful sustenance to children in need,” said Hugo Lee, Sun-in Founder and CEO.
Stephanie Hui, head of the Merchant Banking Division at Goldman Sachs in Asia said, “As a member of the fabric of local Korean society, Goldman Sachs has worked to drive positive change and development to the local community where our people work and live. Our firm is pleased to not only foster the Korean companies we invest in, but also expand our relationships when possible to create larger, significant initiatives that give back to the community.”