RFM may let go of Swift, eyes deal with Century group

MANILA, Philippines – Concepcion-led RFM Corp. confirmed that talks are ongoing for a deal with Century Canning Corp. over Swift, a heritage brand for processed and canned meat business.

In a disclosure to the stock exchange on Monday, October 1, RFM confirmed that it is currently negotiating a “sale or joint venture” deal with various groups.

“We are in talks with various groups on the possible sale of or joint venture with our Swift meat group,” it said.

In particular, it confirmed that negotiations are ongoing with the Century Pacific Group, which has a canning unit and facility.

“We are in talks with Century Canning Corp, but we have yet to finalize certain terms and conditions…We have not signed any definitive agreement on the matter,” it said.

Swift Foods Inc. is a listed company engaged in poultry production and processing. RFM’s shareholders have stakes in Swift and uses the brand for its consumer-oriented products, including hotdogs, bacon, hams, corned beef, corned chicken, luncheon meat and sausages.

RFM, on the other hand, is putting more focus on its other branded consumer products, including: White King (cake mixes and flour-based products), Fiesta (Pasta and Sauce), Sunkist (fruit juices), Selecta (milk- based products) and Selecta (ice cream, under the joint venture with Unilever).

Century Canning is the marine and tuna unit of Century Pacific Group, the maker of Century Tuna, 555 Tuna, Blue Bay Tuna, and Fresca Tuna. – Rappler.com