Hong Kong’s Vitasoy Enters Philippines with URC JV

Hong Kong’s Vitasoy Group has sealed a joint venture deal with Universal Robina (PSE:URC) in the Philippines, recognizing the Philippines’ potential and its longterm 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,” said URC’s President and CEO Lance Y. Gokongwei.

He added, “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.”

“URC is a sizable company within a successful Group with 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,” said Vitasoy Group CEO Roberto Guidetti.

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Guidetti added that the joint venture will explore the potential of plant-based sustainable beverages in the Philippines and approach the market with a spirit of learning.

“Whilst confident that the long-term consumer trends are very favorable, 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,” said Guidetti.

Established in 1940 by Dr. Kwee-seong Lo, Vitasoy is a leading international 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.

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Made with non-GMO soybeans, Vitasoy’s soy milk portfolio offers a variety of formulations such as those that have zero cholesterol, are lactose free, low in saturated fat and rich in good quality protein.

Vitasoy currently has manufacturing operations in Hong Kong, Mainland China, Australia and Singapore, and sells to more than 40 markets globally.

It has a market capitalization exceeding US$2 billion as of January 31, 2017. – BusinessNewsAsia.com