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The Philippines’ San Miguel Pure Foods is looking to seal its purchase of firms in Vietnam and Indonesia engaged in the meat processing business this year as it seeks to bolster its operations abroad
San Miguel Pure Foods president Francisco Alejo III said that the company is currently in talks with companies in Indonesia and Vietnam for possible acquisitions.
“We are actually looking at Vietnam and Indonesia where we already have businesses. We’re looking at processed meats because that is our core competency. In Vietnam, processed meat is a relatively new category although they are a pork-eating country. So we feel that in the long term, there is a growth opportunity,” Alejo added.
According to the president, San Miguel Pure Foods has earmarked to US$223mn for its capital expenditures this year, a portion of which will be used for potential acquisitions.
“Our focus is really on acquisition because that is one way of fast tracking the growth of San Miguel Pure Foods,” he added.
Apart from its existing portfolio consisting of dairy, agro, milling and processed meats, San Miguel Pure Foods is also looking to venture into other food-related businesses like condiments and snacks, according to the company.