Canned tuna leader, Century Pacific Food Inc. (Century) is now betting big on the coconut business as it has set half of its Pesos 5 billion (US$85.9 million) capital expenditure for the coconut OEM export business.
The company is expanding the capacity of its coconut processing facility in Mindanao by 25% this year, as it is getting more demand enquiries from its principals in the US and Southeast Asia, said Century’s President and CEO, Teodoro Po. There is also a long term plan of doubling its capacity by 2030.
Century’s existing coconut business comprises of various types of coconut-based products from coconut water to desiccated coconut, virgin coconut oil, coconut flour and coconut milk.
Earlier this year, Century has also signed a long-term contract with global coconut water brand Vita Coco to supply the latter with coconut water supply over the next 5 to 6 years. To fulfil this contract, Century will also be making a US$40 million investment to ramp up coconut water production capacity to serve both the OEM business and domestic brand, Coco Mama.
To support sustainability, Century is also investing in biomass capabilities and using coconut shells as an alternative source of power for its processing facility. It aims to reduce the use of coal by at least 35% for its coconut facility.
