Japan’s Yoshinoya to set up a US$2.7 million joint venture in the Philippines with local giant Jollibee Foods

PHILIPINES – Japanese multinational fast food restaurant Yoshinoya has announced plans to set up a US$2.7 million joint venture in the Philippines with local giant Jollibee Foods Corporation (JFC). According to a report by Nikkei Asia, the joint venture will see the two companies team up to open 50 branches of the famed Japanese beef bowl restaurant in the Philippines. The joint venture which will become the franchisee of Yoshinoya comes after the company’s 20-year partnership with Century Pacific group ended recently. “Jollibee will certainly have a significant positive impact…

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Jollibe Foods plans US$138m investment in restructuring drive

PHILIPPINES – Jollibee Foods Corporation, a Filipino multinational chain of fast food restaurants has earmarked US$138 million (7 billion pesos) to steer its global business restructuring triggered by the coronavirus pandemic. In a disclosure to the Philippine Stock Exchange, Jollibee said the planned changes will take place in the company’s businesses around the world, especially in its largest markets – the Philippines, China, and North America, a report by DealStreet Asia reveals. The fast-food chain giant, which operates nearly 3,300 restaurant outlets in the Philippines and has a global store…

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Del Monte Pacific to sell stake in Philippine subsidiary for $130m

PHILIPPINES – Del Monte Pacific Limited (DMPL) has entered into an agreement with Singapore-incorporated SEA Diner Holdings to sell 13% stake in its Philippine unit for US$130 million. Under the agreement, SEA Diner will acquire 363.7 million existing ordinary shares in Del Monte Philippines. DMPL intends to use net cash proceeds of approximately US$115 million to settle certain outstanding loans. SEA Diner is focused on investing in companies in the consumer sector in China and the Southeast Asia region. The company, together with its affiliates, has invested over US$1 billion…

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Intersnack Group acquires URC to boost Oceania operations

ASIA – Universal Robina Corporation (URC), a Philippine-based snack food and beverage company has partnered with the Dutch savory snacks producer Intersnack Group to boost its operations in Oceania. As part of the transaction, URC Oceania Company Limited, a subsidiary of URC has sold 40% of URC’s businesses in Australia and New Zealand for an undisclosed sum. The deal involves a mix of cash and shares of Intersnack’s Australian unit Yarra Valley Snack Foods Proprietary Limited. Subject to regulatory approval by Australian Foreign Investment Review Board and the New Zealand…

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Firmenich opens new taste creation facility in Manila, the Philippines

ASIA – The Swiss flavors and fragrances company, Firmenich has opened a new, state-of-the-art taste creation facility in Bonifacio Global City, in Manila, the Philippines, growing its tasting capabilities in South East Asia. Firmenich said the new facility works to address key global challenges such as health & nutrition or climate change and helps create value for its customers, consumers and society. “Staying at the forefront of creativity and innovation is paramount for us to be the Taste and Nutrition partner of choice,” said Gilbert Ghostine, CEO, Firmenich. “We have…

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Cargill opens its first animal nutrition premix plant in Philippines

PHILIPPINES – Cargill has officially opened its first animal nutrition premix plant in the Philippines to meet increasing demand from medium and large livestock farms and feed millers in the Philippines and Southeast Asian countries for US$12million. Cargill opened the plant where 50 local employees will produce animal nutrition premix solutions to customers under the Provimi brand. “The Philippines and Southeast Asian countries are seeing increased consumer demand for meat products, especially pork and chicken. This is great news for the growth potential of local livestock farms and feed millers,”…

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