The Market Monitor Minding the Nation's Business
By Riza Lozada
The Gokongwei group’s food conglomerate Universal Robina Corp (URC) and Hong Kong’s Vitasoy Group have established a joint venture in the manufacture of 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 Gokongwei.
“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,” he added.
“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,” Vitasoy Group CEO Roberto Guidetti said.
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.
“While 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 products that include soy and other types of plant milk, such as coconut milk and almond milk, as well as tofu.
It also offers a variety of teas, juices, distilled water and other beverages under the VITA brand.
Currently, the Group has manufacturing operations in Hong Kong, Mainland China, Australia and Singapore, and its products are available in approximately more than 40 markets worldwide.