Food maker Monde Nissin Corp. is banking on the growing consumer preference for sustainable and healthier lifestyles as it ramps up capital spending for its meat alternative business.
The company said in a registration statement filed with the Securities and Exchange Commission that from P2.37-billion of capital spending from 2018 to 2020, it would double investments for meat alternative business to P6.28 billion for the period 2021-2022.
This is nearly one-fourth of the group’s P26.5-billion programmed capital spending for the next three years, which will be funded by the company’s planned initial public offering.
It said the planned spending for the meat alternative business would be used to grow its capacity and develop new products. The group operates its meat alternative business through Quorn Foods under the Quorn and Cauldron brands.
Quorn Foods had three manufacturing locations in the United Kingdom as of Dec. 31, 2020.