Concepcion Industrial Corp. is spending close to P1 billion this year to expand the business and create new solutions for the comfort and well-being of Filipino consumers after posting P13.9 billion in gross sales in 2017, up 13 percent from 2016.
CIC president and chief executive Raul Joseph Concepcion said the company would allot about P900 million for 2018, 2019 and 2020.
The three-year financial guidance will fund projects to expand the capacity of existing plants and create a new facility for refrigerator manufacturing in 2018.
“We need to expand, otherwise we will be overtaken by technology and left behind by competitors,” he said.
The company earmarked P80 million for innovation-driven initiatives with the creation of a new research and development hub—Cortex Technologies Corp.
