In a company disclosure filed with the Philippines Stock Exchange (PSE) earlier today, Quezon City-based URC announced it had entered into a joint venture agreement with Danone Asia Holdings.
Danone Universal Robina Beverages, ownership of which will be split equally between Danone and URC, will manufacture and distribute beverage products in the Philippines.
“Through the joint venture, URC aims to diversify its line of beverage products, increase the sales of its various beverage products and expand its market share in the Philippines," it said.
URC, a leading food and beverage manufacturer in the Philippines, currently boasts a beverage portfolio that includes ready-to-drink tea, juices, energy drinks, and bottled water.
It is currently unclear if the drinks manufactured by Danone Universal Robina Beverages will be dairy-based.
Capital of approximately PHP 266m (US$5.9m, €4.7m) will initially be paid into the joint venture, the filing continued.
If granted approval by the URC and Danone boards, the joint venture will begin operations in 2015.
More to follow.