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Futures and Commodity Market News |
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Sun May 18, 2008 |
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Breaking financial news 24/7 courtesy of TradingCharts.com Inc. / TFC Commodity Charts |
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May 10, 2008 (The Manila Times - McClatchy-Tribune Information Services via COMTEX) -- THE food and beverage arm of JG Summit Holdings Inc. announced on Friday that it will buy the snack foods business of General Milling Corp. (GMC), maker of Granny Goose, Home Pride, General Feeds, and Islands Flour. In a statement, Universal Robina Corp. (URC) said it signed a memorandum of agreement, paving the way for its acquisition of GMC's snack manufacturing assets and its trademarks. GMC is the second largest corn chips manufacturer in the Philippines and sells corn and wheat-based snacks like Kornets under the Granny Goose mother brand. This will complement URC's business as it is the country's largest savory snacks manufacturer and produces Chippy, Piattos, and Nova besides biscuits, cakes, candies and chocolates under the Jack 'n' Jill mother brand. "We are looking forward to this development. The heritage of the Granny Goose brand, as well as GMC's diverse snack-lineup, will complement and grow our existing snack food operations," Lance Gokongwei, URC president and chief operating officer, said. Earlier, Gokongwei said URC expects its international business to grow by 30 percent in dollar terms on the back of the strong performance of its Thailand and Vietnam operations. He said URC has captured about 30 percent of Thailand's biscuits and wafer segments, and is among the top five players in the snack foods and confectionery business. In addition, its Vietnam business will buoy the company's overseas operations on the back of the growth of its C2 tea drink. URC will soon export C2 to Thailand, Malaysia and Indonesia. With this, the company may realize its revenue target of $200 million a year by year-end, Gokongwei said. In the same statement, URC said it also raised the prices of most of its products across all segments to cope with the soaring prices of raw materials like wheat, soya and coffee. Gokongwei said prices of wheat have more than doubled in the world market since last year, pushing up production costs for noodles and biscuits by 10 percent to 15 percent. Prices of soya, which is the raw material for hog and chicken feeds that URC also manufactures, have also risen rapidly, he said. To see more of The Manila Times, or to subscribe to the newspaper, go to http://www.manilatimes.net. Copyright (c) 2008, The Manila Times, Philippines Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. |
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Likha C. Cuevas-Miel Copyright (C) 2008 The Manila Times, Philippines Please read the End User Agreement. News provided by COMTEX |
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