Philippine Daily Inquirer
11:31 am | Wednesday, October 17th, 2012
MANILA, Philippines –Concepcion-led RFM Corp. has sold its Swift-branded meat business to a unit of the Po family’s Century Canning group for up to P850 million.
In a disclosure to the Philippine Stock Exchange on Wednesday, RFM said it had signed the asset purchase agreement with the Century group’s meat subsidiary Pacific Meat Co. Inc.
“The sale transaction covers the Swift brand and specific processed meat equipment and current raw materials and finished product inventories, which can reach a total amount of P800-850 million,” the disclosure said.
The transaction, however, excludes the meat plant and building in Cabuyao Laguna, which will continue to be used by RFM for its other food and beverage products.
“The transaction will allow RFM to focus and expand on its businesses where it is strong, such as in Selecta, its ice cream joint venture with Unilever, Fiesta pasta, White King flour-based mixes, Selecta Milk, and Sunkist beverages,” the disclosure said.
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