MANILA, Philippines - Splash Corp., known for skin-whitening and other beauty products, is buying Barrio Fiesta Manufacturing Corp., maker of bagoong, lechon sauce, and other Filipino condiments.
In a statement, Splash said it is paying P472 million pesos for 80% of Barrio Fiesta Manufacturing, which doesn't include the restaurants that made the brand famous.
Splash said it plans to be a big player in the food industry, hinting it may buy or develop more brands. It highlighted that Barrio Fiesta products are already sold overseas, where it also sells its beauty products.
"Acquiring a legacy brand such as Barrio Fiesta definitely establishes our place in the food industry," Splash CEO Rolando Hortaleza said. "We intend to establish our mark in the food industry, starting off with the Barrio Fiesta brand."