Jollibee to Pour Php260 M Into Poultry Processing Plant Project with Cargill

Home-grown fastfood giant Jollibee Foods Corp. (JFC) will invest Php260.1 million in the joint venture with Cargill Philippines Inc. to build and operate a poultry processing facility in Santo Tomas, Batangas

In a disclosure to the Philippine Stock Exchange, JFC said it would spend Php244.9 million for 30 percent stake in the project, while Cargill investing Php571.5 million for 70-percent stake in the joint venture Cargill Joy Poultry Meats Production Inc. (CJPMPI).

JFC will also invest an additional Php15.2 million for 30 percent of Cargill Joy Poultry Realty Inc. (CJPRI) from which CJPMPI will lease the plant site.

Cargill and Trust will spend Php35.5 million for 40 percent and 30 percent, respectively of CJPRI.

The partnership will increase 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.

“We partnered with Cargill to deliver high quality chicken products through Cargill’s technology and quality standards… This partnership will meaningfully benefit our customers, our operations as well as the overall Philippine food industry,” said JFC Chief Executive Officer Ernesto Tanmantiong.

Cargill will oversee the setting up, management and operations of this facility. The facility will provide JFC with dressed and marinated chicken for its various brands in the country.

“Cargill is making additional investments in the Philippines to participate in the robust growth of its consumer sector. We look forward to a very productive poultry processing venture in the Philippines and with JFC,” said CJPMPI Managing Director Mar Paul Fullbright.

Cargill’s operations include grain and oilseed originating and processing, commercial feeds manufacturing, texturizing and sweeteners solutions for food and beverage applications. (PNA) RMA/LDV