MANILA -- Gokongwei-led food manufacturer Universal Robina Corporation (URC) is spending around PHP2.4 billion this year for the expansion of its business overseas.
“We are primarily adding snacking lines in Australia and additional confectionary lines in Malaysia,” URC chairman Lance Gokongwei told reporters on the sidelines of the company’s stockholders’ meeting on Wednesday.
URC currently has a significant presence in Vietnam for the ready-to-drink tea category, Thailand for the biscuits wafers category, New Zealand for sweet biscuits and crackers salty snacks categories, and Australia for salty snacks category.
Gokongwei said the budget for overseas expansion represents 30 percent of the company’s PHP8 billion capital expenditures this year.
He noted the remaining amount will be spent in the Philippines as it expands facilities especially for sugar, flour and agro-industrial businesses.
In the Philippines, URC markets snacks, candies, chocolates, ready-to-drink tea, noodles, sugar, coffee, biscuits and pasta.
Gokongwei also bared the company is spending PHP1 billion to construct a manufacturing facility for soy milk brand Vitasoy in its bid to meet consumer demand for healthier product.
“We have a new factory for Vitasoy that is being constructed in Pampanga as we speak,” he said.
Gokongwei further said the facility is expected to be operational next year.
URC President and Chief Executive Officer Irwin Lee said “a number of our businesses are growing very, very strongly…There is also a lot of growth in the international business as well, that’s another growth driver.” (PNA)
