Splash enters food trade with P33-M acquisition

The country’s personal care products manufacturer Splash Corp. has acquired a food manufacturing firm, in line with the company’s diversification into more areas of the fast-moving consumer goods space.

In a disclosure Friday, Splash said it would take full control of Taguig-based Moondish Foods Corp. “with a maximum acquisition cost of P33 million.”

Moondish Foods is a food manufacturing company based in Taguig City. It was started by Jun and Ana Manrique in Las Piñas City in 1999.

The company now has received assistance from the Department of Science and Technology for the development of its products. The company said it would dedicate itself “toward creating innovative and unique food products that will be acceptable both locally and internationally.”

Last month, Splash signed a deal to acquire 80 percent of Barrio Fiesta Manufacturing Corp. for P472 million. The acquisition does not include the Barrio Fiesta chain of restaurants.

The manufacturing unit produces and sells meal essentials and condiments. These products are also exported and consumed by Filipinos abroad.

Splash plans to launch various food products in the next two years as part of its goal to be a major player in the food industry.

Founded in 1985, Splash grew from a P12,000 backyard business into a P4-billion enterprise under the Hortaleza family.

Also, Splash said that its board had also approved the participation in a joint venture with GlobalSky Company Ltd. Splash said it would acquire a 40-percent stake in the new joint venture for $1.4 million.