SamlipGeneralFood,whichisafamousbakerycompanyinKorea,celebrated70thanniversary in 2015. Samlip has grown by responding changes of market environment as well as driving changesofthemarket.Itconcentrateditsstrategicresourcesoncostreductionanddeveloping distribution channels during 1950's and 1960's when bakery products were not popular. In 1970's,Samlippaideffortespeciallytoimprovequalityofproducts.Increasednationalincome during 1970's had led further increased quality expectations and new bakery products in 1980's. Samlip focused its capabilities on developing new products and began to establish stores where daily bakery products were made and sold. However, Samlip bankrupted in late 1990's as a consequence of diversification that was not carefully planned and managed. Samlip General Food was acquired by Tae-in Shany(its name changed to SPC in 2004) in 2002 and restructured its core businesses for packaged bakery products(manufactured and packagedinfactoryand sold inlocal grocery stores). Underthe strengththat hadbeengrown on packaged bakery businesses and corresponding vertical integration, Samlip planned to expand its businesses to ingredients for bakery products and logistics services in 2010’s. This study covered topic of vertical integration and growth strategies of a company that uses expanded capabilities from the results of vertical integration. Changeandgrowthof establishedcompaniesareimportantaswellasbirthof newcompanies for soundness and sustainability of market. The specific facts and lessons from Samlip and * The research performed under support of the Management Research Center at Seoul National University College of Business Administration. ** Seoul National University(danlsnu@snu.ac.kr),TheFirst Author *** Seoul National University(quanto@snu.ac.kr) **** HanyangUniversity(sanglee@hanyang.ac.kr), CorrespondingAuthor *****Seoul National University(cpark@snu.ac.kr) corresponding analysis that are described in this case study can be generalized to offer useful insight for growth strategies of organizations that are under similar situations.