Universal Robina Corp., the biggest snack food maker, is taking full control of the Hunt-Universal Robina Corp. joint venture.
URC said in a disclosure to the stock exchange it signed an agreement involving the acquisition of the entire 50-percent stake of ConAgra Foods, one of North America’s leading packaged food companies, in HURC for P3.18 million.
“The acquisition of the HURC shares of ConAgra will result in URC having full control of HURC and will allow URC to integrate and simplify its business operations as part of its Philippine business portfolio,” URC said.
URC will also continue to manufacture and sell Swiss Miss Products under a trademark license agreement with ConAgra
Formed in September 1983, HURC manufactures and packs food and food products at every class and description such as vegetables, fish, dairy products, fruits, and other agricultural products.
HURC in 2018 sold its Philippine license for Hunt’s, the country’s leading pork and beans brand, to Century Pacific Foods Inc. at an undisclosed amount.
URC said the sale of the Philippine license for Hunt’s was in line with the company’s thrust to focus on core businesses, which are snack foods and beverages.
URC, the food manufacturing unit of JG Summit Holdings Inc., said last month it would take over Calbee-URC, a joint venture with Japan-based snack confectionary manufacturer Calbee Inc.
URC signed an agreement to acquire Calbee’s 50-percent stake in Calbee-URC for P170.60 million.
Calbee is mainly engaged in the manufacture and sale of snack confectionary, bakery food, and cereal food. It manufactures and sells potato series snacks, such as potato chips, wheat series snacks and corn series snacks, bakery food such as confectionary bread and prepared food bread, as well as cereal food.