Snack food producer, Monde Nissin Corp. has acquired a controlling stake (70%) in goods trader Amico Innovations Inc. for Pesos 17.5 million (US$310,000).
Monde Nissin is buying the company to explore start-up opportunities in new categories and businesses, while it tries to stop the bleed from its poor-performing alternative meat business.
Amico is seeking license to mainly import, export, repack and process “all kinds” of goods, wares and merchandise.
Monde Nissin’s alternative meat business, Quorn Foods has cut its net loss in the first quarter of 2024, but the segment continues to remain challenging as ‘pricing’ is a particular barrier to attracting more ‘flexitarian’ customers, or those with a semi-vegetarian diet, as they moved to less expensive choices.
Monde Nissin’s popular brands include Lucky Me noodles, SkyFlakes crackers, Fita crackers, Monde baked goods, and Quorn meat alternative products.
Investment in biscuit factory
The Board of Investments (BOI) has also recently approved Monde Nissin’s Pesos 1.2 billion (US$21.7 million) biscuit project in Davao City which will produce butter coconut biscuits for initial distribution to the Visayas and Mindanao. It will eventually expand its distribution to Indonesia and other neighbouring ASEAN market.
BOI disclosed that 46% of the investment will be channeled into site preparation and development, 48% to acquisition and installation of state-of-the-art machinery and equipment, and 6% to working capital.
The factory will utilize a largely mechanized process, using advanced automation technology for packaging and finished goods handling, which will necessitate the hiring and training of a local skilled workforce.
Monde Nissin operates a similar plant in Sta. Rosa, Laguna, catering to the Luzon market.
