Food manufacturer Universal Robina Corp. (URC) teamed up with Greencycle Innovative Solutions, Inc. for its waste management program.
URC said in a disclosure to the stock exchange Tuesday it agreed to form a joint venture company with Greencyle which would have an initial paid-up capital of P27 million.
URC will have a 75-percent stake in the soon-to-be-formed joint venture, while Greencycle will own the remaining 25 percent.
The joint venture company is expected to start commercial operations in September 2024, subject to relevant government approvals and issuance of the necessary permits/licenses.
“Through the joint venture, the parties aim to formulate an integrated operation or ecosystem that incorporates the reduction of plastic waste through collection, treatment and processing of waste materials and convert it into reusable or recyclable products,” URC said.
Greencycle is engaged in waste management, recycling and other activities aimed at helping corporations, local government units and other entities on its waste diversion through the processing and converting of waste products into viable energy source or material, and plastic neutrality programs consistent with Republic Act No. 11898, otherwise known as the Extended Producer Responsibility Law (EPR Law).
URC, one of the Philippines’ largest food and beverage companies, in 2022 set ambitious sustainability goals by aiming to reduce the amount of energy and water it uses to manufacture its products by 30 percent.
It is also aiming to achieve plastic neutrality through plastic waste collection, recovery and diversion initiatives as well as collaborative projects on waste management that include community engagement and linking with local recyclers.
URC is looking at multi-stakeholder partnerships to tackle the immense plastics challenge to achieve these goals.
The group has been pivoting towards making renewable energy take up a bigger share in its power use.
It has been installing solar panels at several of its facilities in the Philippines and in its manufacturing hubs in Thailand and Vietnam.