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Metro Manila, Philippines–24 May 2016. Jollibee Foods Corporation (PSE:JFC) & Cargill
Jollibee Foods Corporation (“JFC”), the largest Asian food service company, and Cargill Philippines, Inc. (“Cargill Philippines”), a wholly owned subsidiary of Cargill Inc. (“Cargill”), have entered into an agreement to build and operate a poultry processing plant in Santo Tomas, Batangas, in the Philippines. Cargill and JFC will have a 70% and a 30% stake respectively in the joint venture Cargill Joy Poultry Meats Production, Inc. Cargill will oversee the setting up, management and operations of this facility.
The partnership will create an estimated 1,000 new full time jobs and develop new opportunities in the farming community in the Batangas and nearby provinces as local poultry farmers are contracted to grow chicken to supply the requirements of the processing plant.
JFC Chief Executive Officer, Mr. Ernesto Tanmantiong gave the following statement: "We partnered with Cargill to deliver high quality chicken products through Cargill's technology and quality standards. The facility will provide JFC with dressed and marinated chicken to augment the chicken supply requirements of the growing needs of JFC brands. This partnership will meaningfully benefit our customers, our operations as well as the overall Philippine food industry. We will continue to maintain our strong relationship with key chicken suppliers in the country and look forward to sustained long term supply arrangements with them as our businesses grow together.”
Cargill Joy Poultry Meats Production, Inc. Managing Director, Mr. Paul Fullbright gave the following statement: "Cargill is making additional investments in the Philippines to participate in the robust growth of its consumer sector. Cargill can contribute in further enhancing the quality of products of JFC brands for its customers at very competitive costs and raise the assurance of its chicken supply. As in many other parts of the world where we do business, Cargill can also contribute in improving the system of hygiene, food safety, and quality by operating a world class facility and by setting high level of partnership with the poultry growers and farmers. We look forward to a very productive poultry processing venture in the Philippines and with JFC."
JFC will invest Php244.9 million for 30% of Cargill Joy Poultry Meats Production, Inc. JFC will also invest Php15.2 million for 30% of Cargill Joy Poultry Realty, Inc., from which Cargill Joy Poultry Meats Production, Inc. will lease the land on which the plant will be located.
Contacts
Jollibee: Cossette Palomar, +639209537701, cossette.palomar@jollibee.com.ph Cargill: Johahn Bhurrut, +6597551357, johahn_bhurrut@cargill.com
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About Jollibee The JFC Group of Companies is one of the largest buyers of chicken in the Philippines. Its brands Jollibee, Mang Inasal, Chowking, Greenwich and Burger King franchise sell significant volume of chicken products. JFC has a broad system of product supply chain that includes 13 commissaries in the Philippines.
JFC operates the largest food service network in the Philippines. As of April 30, 2016, it was operating 2,506 restaurant outlets in the country: Jollibee brand 930, Chowking 449, Greenwich 236, Red Ribbon 373, Mang Inasal 457 and Burger King 61. Abroad, it was operating 652 stores: Yonghe King (China) 321, Hong Zhuang Yuan (China) 41, San Pin Wang (China) 58, Dunkin’ Donuts (China) 2, Jollibee 151 (US 32, Vietnam 79, Brunei 14, Saudi Arabia 10, Qatar 3, Kuwait 4, Hong Kong 1, Singapore 4, Bahrain 1 and UAE 3), Red Ribbon in the US 32, Chowking 44 (US 16, UAE, 20, Qatar 4, Oman 2, Kuwait 1 and Saudi Arabia 1), Jinja Bar (US) 3. The JFC Group had a total of 3,158 stores worldwide.
JFC also has a 50% interest in joint ventures for the following stores: Highlands Coffee (Vietnam, Philippines) 114, Pho 24 (Vietnam, Indonesia, Cambodia, Korea and Australia) 35, 12 Hotpot (China) 20, others 8; and a 40% interest in Smashburger that had 364 outlets, mostly in the United States. These joint ventures had a total of 541 stores worldwide.
About Cargill Cargill provides food, agriculture, financial and industrial products and services to the world. Together with farmers, customers, governments and communities, it helps people thrive by applying its insights and 150 years of experience. It has 149,000 employees in 70 countries who are committed to feeding the world in a responsible way, reducing environmental impact and improving the communities where it operates. For more information, visit Cargill.com and its News Center.
Cargill started doing business in the Philippines in 1947 when the vegetable oil division started buying copra for export to the United States. It was Cargill’s first office in Asia. Cargill Philippines now employs over 520 people throughout the archipelago. Its primary offices are in Taguig City (headquarters), Bulacan, Laguna and General Santos City, with several satellite offices in strategic locations all over the Philippines. Operations include grain and oilseed originating and processing, commercial feeds manufacturing, texturizing and sweeteners solutions for food and beverage applications.
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