Gokongwei-led regional industrial conglomerate Universal Robina Corp (URC) has entered into a joint venture with Hong Kong’s Vitasoy group to roll out “high-quality, nutritious and sustainable” food and beverage products in the Philippine market.
“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,” URC president and chief executive officer (CEO) Lance Gokongwei said in a press statement on Thursday.
“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 added.
Vitasoy group CEO 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 added that the joint venture (JV) would explore the potential of plant-based sustainable
beverages in the Philippines and approach the market with a spirit of learning.
“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 Mr. Guidetti.
Established in 1940, Vitasoy is a leading international manufacturer and distributor of a 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, as well as tofu under the Vitasoy brand. It also offers a variety of teas, juices, distilled water and other beverages under the Vita brand.
Made with non-GMO soybeans, Vitasoy’s soy milk portfolio pitches a variety of formulations described to have “zero cholesterol, are lactose free, low in saturated fat and rich in good quality protein.” Vitasoy currently has manufacturing operations in Hong Kong, Mainland China, Australia and Singapore, and sells to more than 40 markets globally. It has a market capitalization exceeding $2 billion as of January 31, 2017.
URC – the company behind market leading brands Jack ‘n Jill, Great Taste, and C2 – is one of the Philippines’ largest branded consumer food and beverage companies, with a market capitalization of almost $9 billion and a growing presence in Southeast Asian and Oceania markets. The company has a wide range of food-related businesses, including the production and distribution of branded consumer foods, sugar refining and flour milling, and agro-industrial operations, mainly in hogs farming and animal feed milling.