MANILA, Philippines - Concepcion-led food and beverage company RFM Corp. has sold its Swift brand to a subsidiary of Century Canning group.
In a disclosure to the stock exchange, RFM said it signed the deal to sell the Swift brand to Pacific Meat Company Inc.
The sale transaction covers the Swift brand, as well as processed meat equipment, current raw materials and finished product inventories.
RFM said the transaction's total value can reach between P800 million and P850 million.
However, the deal does not include the meat plant and building in Cabuyao, Laguna. RFM will continue to use the facility for its other food and beverage products.
"The transaction will allow RFM to focus and expand on its businesses where it is strong, such as Selecta, its ice cream joint venture with Unilever, Fiesta pasta, White King-flour-based mixes, Selecta Milk and Sunkist beverages," RFM said.
Century Canning is the marine and tuna unit of the Century Pacific Group, which is owned by the Po family. It is involved in the canning, marketing, and distribution of tuna, sardine, and other sea foods, meat, and milk products under Century Tuna, Blue Bay, Fresca, Argentina and 555 brands.
The Swift processed and canned meat business are assets and business owned by RFM and not Swift Foods Inc., which is no longer part of the RFM Group.