MANILA - Universal Robina Corp said Tuesday it would sell the license to manufacture, sell and distribute Hunt's branded products to Century Pacific Food Inc.
The sale of Hunts-Universal Robina Corp. will allow URC to focus on its core snack food and beverage business, URC president Lance Gokongwei told the stock exchange.
The terms of the planned sale were not disclosed.
ConAgra, URC's partner for Hunts-Universal Robina, will continue to own the Hunt's trademark, according to the disclosure.
"Hunt's is a welcome addition with its local dominance in pork and beans, it's emerging presence in condiments and its potential to be another source of growth for us," Century Pacific President Christopher Po said.
Century Pacific manufactures Century and 555 Tuna brands and Argentina corned beef among others.
Universal Robina is pursuing an overseas expansion. In August last year, it bought Snackbrands, Australia's second largest manufacturer of salty snacks.
Universal Robina shares were up 1.8 percent to P175.10 in early trading. Century Pacific was up 0.97 percent to P16.66.