URC ties up with Vitasoy

MANILA, Philippines - Universal Robina Corp. (URC) has entered into a joint venture with Hong Kong-based Vitasoy Group to explore the potential of plant-based drinks in the Philippine market.

URC president and CEO Lance Gokongwei said the joint venture recognizes the country’s potential and long-term growth prospects as a market for high-quality, nutritious and sustainable food and beverage products.

“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,” he said.

Gokongwei said 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.

Roberto Guidetti, CEO of Vitasoy Group, said they chose to partner with URC  given its size, track record and 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 sad.

“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,” he added.

Vitasoy, established in 1940 by Kwee-seong Lo, is a global 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.

The soymilk portfolio is made with non-GMO soybeans. It also offers a variety of formulations such as those that have zero cholesterol, lactose free, low in saturated fat and rich in good quality protein.

At present, the company has manufacturing operations in Hong Kong, Mainland China, Australia and Singapore, and sells to more than 40 markets globally.

Total revenue of the Vitasoy Group has a five-year CAGR of 11 percent to $714 million last year.

URC, meanwhile, is the company behind market leading brands Jack ‘n Jill, Great Taste and C2.It 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 the ASEAN and Oceania markets.

Its portfolio includes 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.

The combined sales of URC’s branded products in the Philippines and abroad have a five-year CAGR of 13 percent to P92.5 billion in 2016 from P50.6 billion in 2011.