San Miguel's packaging unit inks deal with Poland firm
MANILA, Philippines - San Miguel Corp.'s packaging business has partnered with a Poland-based firm for a 2-piece aluminum can manufacturing business.
In a statement, the diversified conglomerate said San Miguel Yamamura Packaging Corp. (SMYPC) has entered into an agreement with Can-Pack S.A. to establish a joint-venture company, Can Asia, Inc.
SMYPC will own a 65% stake in Can Asia, while Can-Pack will have the remaining 35%.
"This strategic partnership will further modernize SMYPC's aluminum can business while utilizing the know-how and technologies of [Can-Pack]," San Miguel said.
"It also aims to introduce various aluminum can packaging formats to the growing market in the Philippines and the Asia Pacific region," the Ramon S. Ang-led firm added.
The share purchase agreement between SMYPC and Can-Pack is expected to be completed before the end of the year.