mergers and acquisitions

Century Tuna maker acquires legacy brand Ligo sardines

Ralf Rivas
Century Tuna maker acquires legacy brand Ligo sardines
'We are deeply humbled that the Tung family has entrusted this brand to our company, and we shall do our utmost to honor this legacy brand and continue its heritage,' says Christopher Po, executive chairman of Century Pacific Food

MANILA, Philippines – The Po family acquired the Tung family’s legacy Ligo sardines for an undisclosed amount, further solidifying their hold in the canned marine products space.

Century Pacific Food (CNPF) told the stock exchange on Friday, December 24, that the deal included purchasing the assets and intellectual property related to the manufacturing of Ligo’s product lineup.

“Ligo is a leading brand in the sardine category. Ligo will be highly synergistic with the rest of our shelf stable marine products. We are deeply humbled that the Tung family has entrusted this brand to our company, and we shall do our utmost to honor this legacy brand and continue its heritage,” said Christopher Po, executive chairman of CNPF.

Ligo is among the Philippines’ most popular sardine brands and has been around for over 60 years.

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Meanwhile, CNPF is one of the largest manufacturers and exporters of marine products and makes Century Tuna, 555, Blue Bay, and Fresca. The company is also a market leader in meat and has a strong emerging business in dairy and coconuts.

In early 2021, CNPF acquired Pacific Meat Company, an emerging player in the large refrigerated food category. The company also entered into development of plant-based alternatives and pet food through new brands unMEAT and Goodest, respectively.

CNPF’s profits soared 22% from January to September 2021, hitting a bottom line of P4 billion, as demand for essential goods surged amid the coronavirus pandemic. It is expecting to close the year with a growth between 10% and 15% for the top line and closer to 20% for the bottom line.

Shares of CNPF jumped as much as 4.6% before ending the session with a 1.9% gain. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.