Conglomerate San Miguel Corp. is merging two packaging companies.
San Miguel said in a disclosure to the stock exchange its board approved the merger of San Miguel Yamamura Asia Corp. and San Miguel Yamamura Packaging Corp.
SMYPC will be the surviving entity.
“With the merger, all packaging business of the corporation together with its joint venture partner Nihon Yamamura Glass Company Ltd. will be consolidated in SMYPC,” said San Miguel.
San Miguel said the board also approved the acquisition of a five-percent stake in SMYAC.
San Miguel’s packaging business is comprised of SMYPC and subsidiaries, San Miguel Yamamura Packaging International Ltd. and units, SMYAC, SMC Yamamura Fuso Molds Corp., Can Asia Inc., Mindanao Corrugated Fibreboard Inc. and Wine Brothers Philippines Corp.
The conglomerate’s packaging group reported net sales of P17.83 billion in net sales in the first half of the year, up two percent from P17.55 billion year-on-year.