UNIVERSAL Robina Corp. (URC), the food group of the Gokongwei family, and Hong Kong’s Vitasoy group on Thursday said they are forming a joint venture (JV) to market its line of food and beverage products in the Philippines.
Vitasoy CEO Roberto Guidetti said the JV will explore the potential of plant-based sustainable beverages in the Philippines.
“While confident the long-term consumer trends are very favorable, we consider the Philippines a very developed, competitive and diversified market that will require diligent study and learning to ensure the joint-venture portfolio offering will best serve the needs and desires of the Filipino community,” Guidetti said. “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. Vitasoy is an innovative company, a reliable employer and a responsible corporate citizen dedicated to providing food and beverage compatible with a healthy lifestyle to communities and to creating value for its shareholders,” URC President and CEO Lance Gokongwei said.
The companies did not state which of the Vitasoy products it will produce and sell in the country.
“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,” Guidetti said.
Established in 1940 by Kwee-seong Lo, Vitasoy is a 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.
Vitasoy’s soy-milk portfolio, which it claimed is non-genetically modified organism, offers a variety of formulations—such as those that claimed to have zero cholesterol, lactose-free and low in saturated fat, among others. 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 $2 billion as of January 31, 2017.