Vitasoy and URC form plant-based beverage JV

20-Feb-2017 - Last updated on 20-Feb-2017 at 11:14 GMT

Vitasoy and URC are creating a JV in the Philippines to create dairy-alternative beverages for the market. Pic: ©iStock/IgorDutina

Hong Kong’s Vitasoy Group (Vitasoy) and Universal Robina Corporation (URC) in the Philippines have established a joint venture to explore the potential of plant-based sustainable beverages in the Philippines.

URC’s president and CEO Lance Y. Gokongwei said URC and Vitasoy are companies that strive to promote both consumer well-being and sustainable nutrition.

Established in 1940 by Dr Kwee-seong Lo, Vitasoy is an international manufacturer and distributor of a food and beverage portfolio focused on sustainable plant-based nutrition.

Its products include soya and other types of plant milk, such as coconut milk and almond milk, as well as tofu under the VITASOY brand.

Made with non-GMO soya beans, Vitasoy’s soya milk portfolio offers a variety of formulations such as those that have zero cholesterol, are lactose free, low in saturated fat and rich in protein.

Vitasoy currently has manufacturing operations in Hong Kong, Mainland China, Australia and Singapore, and sells to more than 40 markets globally. It has a market capitalization exceeding $2bn as of January 31, 2017.

URC – the company behind market leading brands Jack ‘n Jill, Great Taste, and C2 – is one of the Philippines’ largest branded consumer food and beverage companies, with a market capitalization of almost $9bn and a growing presence in the ASEAN and Oceania markets.

Vitasoy has not commented on financial details or potential job creations as a result of the collaboration.