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Friday, March 29, 2024

URC, Hong Kong firm form venture

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Food manufacturer Universal Robina Corp. said Thursday it formed a joint venture with Hong Kong’s Vitasoy Group to produce plant-based beverage products in the Philippines.

URC said in a disclosure to the stock exchange the joint venture called Vitasoy-URC Inc. would be equally owned by URC and Vitasoy. 

Vitasoy, established in 1940, is a leading international manufacturer and distributor of food and beverage portfolio focused on sustainable plant-based nutrition. Its products include soy and other types of plant milk, such as coconut milk and almond milk and tofu. It also offers a variety of teas, juices, distilled water and other beverages under the Vita brand.

The joint venture, which is subject to the approval of both companies’ boards, is expected to start commercial operations in May this year.

URC-Vitasoy venture. Universal Robina Corp. executive vice president and managing director Nilo Mapa (right) and Vitasoy Group chief executive Roberto Guidetti sign a joint venture to promote high-quality sustainable plant-based beverage products in the Philippines. 

Both parties agreed to establish a joint venture as they recognized the Philippines’ potential and its long-term growth prospects as a market for high-quality, nutritious and sustainable food and beverage products.

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Under the joint venture, URC also aims to enter the plant milk market and increase the sales and portfolio of beverage business in the Philippines.

“We see a perfect fit in this joint venture, as both URC and Vitasoy are companies that strive to promote both consumer well-being and sustainable nutrition,” said URC president and chief executive Lance Gokongwei. 

“Vitasoy is an innovative company, a reliable employer and a responsible corporate citizen dedicated to providing food and beverage that are compatible with a healthy lifestyle to communities and to creating value for its shareholders,” he said.

Vitasoy Group chief executive  Roberto Guidetti said, “URC is a sizable company within a successful group with strong leadership in the food and beverage industry.”

“Vitasoy is excited about the partnership of two successful Asian family companies to bring high quality sustainable plant-based beverages to the Filipino community,” Guidetti said.

“Whilst confident that the long-term consumer trends are very favorable, we consider the Philippines a very developed, competitive and diversified market which will require diligent study and learning to ensure that the JV portfolio offering will best serve the needs and desires of the Filipino community,” said Guidetti.

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