ASIA NEWS NETWORK
WE KNOW ASIA BETTER
Philippine company, Japan's Calbee form joint venture
Publication Date : 31-03-2014
The Philippines' Universal Robina Corp. has teamed up with the largest snack food company in Japan, Calbee Inc., to establish a local manufacturing joint venture which is expected to grow into a 2-billion-peso (US$44.7 million) company in terms of annual net sales by 2020.
In a disclosure to the Philippine Stock Exchange on Monday, URC said it had signed the 50-50 percent joint venture agreement with Calbee on Friday. The disclosure said the venture would manufacture “unique and high quality” snack products in the Philippines and would start business by 2015.
“The joint venture aims to grow sales of Calbee products and expand market share in the Philippines,” the disclosure said.
The initial paid-in capital of the joint venture company to be called Calbee-URC Inc. is about 654 million pesos ($14.63 million). It will be based in Pasig City.
For its part, Calbee sees the Philippines as “one of the promising snack foods markets.”
Tokyo-based Calbee is the largest snack food company in Japan, accounting for 52.3-per cent share of the Japanese snack food market in 2013.