During the company’s stockholders meeting yesterday, Tan said Tanduay will start this month the construction of a new liquor plant in Cagayan de Oro estimated to cost between P500 million to P1 billion.
"We shall continue to focus on increasing the share of higher margin products in our product mix and sustain our development efforts on new products that will address emerging consumer preferences," Tan said.
"We will strengthen our long-term growth platforms by upgrading and expanding our operating resources to further sharpen our competitiveness. We will seriously look at new markets that will expand our customer base and aggressively shop around for acquisitions that will grow our business and improve shareholder value," Tan added.
Tanduay Distillers Inc. vice-president and chief finance officer Nestor Mendones said the plant, which will be the company’s fourth, is expected to produce about 40,000 cases of liquor per day.
The company currently has three plant facilities in Negros, Cabuyao in Laguna, and Quiapo.
Mendones said Tanduay is also set to acquire two liquor companies this year in line with efforts to further strengthen its foothold in the liquor market. These companies, he said, are located in Batangas and Negros.
In March this year, Tanduay approved the acquisition of majority control of six liquor companies, namely Asian Alcohol Corp., Absolute Chemicals Inc., DyZum Distillery Inc., Cabuyao Packaging Corp., Flor De Cana Shipping Inc., and Negros General Services.