Philippine fastfood colossus Jollibee Foods Corp. (JFC) plans to pour in P260.1 million in a joint project with Cargill Philippines Inc. to run a poultry processing plant in Santo Tomas, Batangas.
JFC disclosed to Philippine Stock Exchange that it will stake P244.9 million to acquire 30 percent of shares in the project, while Cargill will spend P571.1 million for a 70-percent claim in the joint venture Cargill Joy Poultry Meats Production Inc. (CJPMPI).
Jollibee will also spend an additional P15.2 million for 30 percent of Cargill Joy Poultry Realty Inc. (CJPRI) from which CJPMPI will lease the plant site.
Cargill and Trust will invest P35.5 million for 40 percent and 30 percent, respectively of CJPRI.
This partnership will likely create more labors as it is projected to create about 1,000 full-time jobs and opportunities especially in the Batangas region where the primary source of livelihood is farming.
JFC Chief Executive Officer Ernesto Tanmantiong said, “We partnered with Cargill to deliver high quality chicken products through Cargill’s technology and quality standards… This partnership will meaningfully benefit our customers, our operations as well as the overall Philippine food industry.”
Cargill will supervise the construction and operations of the plant, which in turn will provide JFC the necessary chicken supply to proceed with the business operations.
“Cargill is making additional investments in the Philippines to participate in the robust growth of its consumer sector. We look forward to a very productive poultry processing venture in the Philippines and with JFC,” said CJPMPI Managing Director Mar Paul Fullbright.
Cargill’s operations include grain and oilseed originating and processing, commercial feeds manufacturing, texturizing, and sweeteners solutions for food and beverage applications.
Source: Interaksyon
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