Samlip General Food, which is a famous bakery company in Korea, celebrated 70th anniversary in 2015. Samlip has grown by responding changes of market environment as well as driving changes of the market. It concentrated its strategic resources on cost reduction and developing distribution channels during 1950's and 1960's when bakery products were not popular. In 1970's, Samlip paid effort especially to improve quality of products. Increased national income 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 packaged in factory and sold in local grocery stores). Under the strength that had been grown 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. Change and growth of established companies are important as well as birth of new companies for soundness and sustainability of market. The specific facts and lessons from Samlip and 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.