RFM, a leading food and beverage firm based in the Philippines, has entered into an agreement to sell its canned meat business, Swift brand, to a subsidiary of Century Canning for about PHP850m ($20.49m).
In a disclosure to the Philippine Stock Exchange, RFM said that it has agreed to sell its Swift brand to Pacific Meat, a subsidiary of Century Canning's.
The sale includes the Swift brand and specific processed meat equipment and current raw materials and finished product inventories.
However, it excludes the meat facility and building in Cabuyao, Laguna, which will be used for the manufacture of RFM's other food and beverage products.
RFM said that the divestment will allow the company to focus on its businesses where it is strong, such as Selecta, its ice cream joint venture with Unilever, Fiesta pasta, White King-flour-based mixes, Selecta Milk and Sunkist beverages.
Century Canning is the marine and tuna division of the Century Pacific Group. It is involved in canning, marketing and distribution of marine and meat products.
