Gokongwei-led industrial conglomerate Universal Robina Corp (URC) has entered into a joint venture with Hong Kong’s Vitasoy group to produce “high-quality, nutritious and sustainable” food and beverage products for 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 Lance Gokongwei said in a 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.
“While 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.
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 offers a variety of formulations such as those that 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.
Listed on the main board of the Hong Kong Stock Exchange, Vitasoy has a market capitalization exceeding $2 billion as of end-January.
Total revenues grew by 11 percent on a compounded rate in the last five years to reach $714 million in fiscal year 2015-2016.
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.
Combined sales of URC’s branded products in the Philippines and abroad have posted a five-year compounded annual growth rate of 13 percent to reach P92.5 billion ($2 billion) in fiscal year 2016.