RFM sells 'Swift' meat business for P850-M
MANILA, Philippines - Concepcion-owned food and beverage firm RFM Corp. is exiting the canned meat processing business by selling the "Swift" brand to the Po family's Century Canning Corp.
In a disclosure to the Philippine Stock Exchange on Wednesday, October 17, RFM said it has finalized an agreement with Century Canning covering the sale of its meat business to the latter's unit, Pacific Meat Co. Inc., for P800 million to P850 million.
"The sale transaction covers the Swift brand and specific processed meat equipment and current raw materials and finished product inventories," said RFM.
It added however that the transaction excludes its meat plant and building in Cabuyao, Laguna, which will be used for its other food and beverage products.
RFM said the sale will allow it to focus on brands where it is "strong," such as Selecta ice cream and milk, Fiesta pasta, White King flour-based mixes, and Sunkist beverages.
Century Canning, on the other hand, will be able to boost its presence in the frozen and canned meat segments with the acquisition.
Century Canning is the marine and tuna unit of the Century Pacific Group that is engaged in canning, marketing and distribution of marine and meat products. Its main brands include Century Tuna, Blue Bay, Fresca, 555 and Argentina. - Rappler.com