Philippine snack food and beverage company Universal Robina (URC) has signed a joint venture (JV) agreement with Japanese snack food maker Calbee to produce snack products for the domestic market.
The parties will own equal holdings in the JV, which is expected to commence operations in 2015 with an initial paid-in capital of PHP654m.
The JV seeks to strengthen Calbee's presence and expand market share in the Philippines. It intends to generate revenues of PHP2bn by the end of this decade, and support URC's medium to long term business.
The JV is subject to approval from both URC and Calbee board and the terms of related-party agreements.
In February, Calbee unveiled plans to form the 50:50 JV.
Headquartered in Chiyoda, Tokyo, Calbee is one of the leading snack food manufacturers in Japan with revenues of over JPY179.4bn in 2013.
