MANILA — Universal Robina, a leading food and beverage manufacturer in the Philippines, is set to open its first plant in Myanmar and a third in Vietnam before the end of the year. The Vietnam facility will produce creamer and coffee.
Universal Robina has bolstered its capital expenditure to $200 million for 2014, up from $135 million last year to partly bankroll the expansion, President and Chief Executive Officer Lance Gokongwei told reporters after the company’s stockholders meeting late Monday.
Myanmar is the newest market under Universal Robina’s regional portfolio, which already includes Vietnam, Thailand, Indonesia, Malaysia, Singapore, as well as Hong Kong and China. The Myanmar location will be a biscuit and confectionery facility.
“We would like to reduce dependency on a single brand or geography — that is always our strategy,” said the company’s CEO. According to him, Universal Robina’s international business is largely Thailand and Vietnam, comprising a quarter of the company’s total revenue.
Source: [via]
