Splash expands food portfolio, buys Moondish
MANILA, Philippines - Homegrown personal care manufacturer Splash Corp. continues to expand its portfolio of food business with the recent moves to acquire the manufacturer of canned ready-to-eat Filipino products.
On Monday, October 1, Splash disclosed to the stock exchange that its unit, Splash Foods Corp, signed a share purchase agreement with owners of Moondish Foods Corp.
This comes after the Splash board approved the purchase of 100% of Moondish for a maximum price of P33 million.
Splash first forayed into the food business when it acquired 80% stake in Barrio Fiesta Manufacturing Corp.
Moondish manufactures Filipino dishes, including laing, bicol express, ginataang ampalaya and ginataang puso ng sagging. It exports about 75% of its products to the United States, Japan, Europe and other parts of Asia.
Splash became popular for providing affordable whitening products that successfully competed with well-known foreign brands. Splash owns local brands, including Kolours, Vitresse, Extraderm, Maxi-Peel, Skin White, Biolink and Theraherb VCO. - Rappler.com
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