Hormel Joins Pure Foods to Build Processing Plant in Philippines

Pure Foods Corp. and Hormel Foods Corp. have entered a joint venture to build a new US$25.64 million meat processing plant south of Manila. The new company, Pure Foods-Hormel Co., expects production volume to increase in two to three years to meet an anticipated growth in demand domestically and regionally.

Ayala Corp.'s meat processing subsidiary, Pure Foods will control 60% of the new firm while Hormel Foods International, a wholly owned subsidiary of Hormel Foods Corp., will own 40%.

Currently, Pure Foods has a 47% share of the refrigerated meats market in the Philippines.