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To improve production and ensure sufficient supply of rice and other agricultural crops, the Department of Agriculture (DA) has advanced the prerequisites for the establishment of an Agri-Machinery Assembly Center in the Philippines to be undertaken through the Korea Agricultural Machinery Industry Cooperative (KAMICO).
To improve production and ensure sufficient supply of rice and other agricultural crops, the Department of Agriculture (DA) has advanced the prerequisites for the establishment of an Agri-Machinery Assembly Center in the Philippines to be undertaken through the Korea Agricultural Machinery Industry Cooperative (KAMICO).
Century Pacific Food [CNPF 35.05, down 2.1%] [link] said that it has entered into a new agreement with The Vita Coco Company (Vita Coco), which CNPF describes as a “global leader in the coconut water category”, to supply Vita Coco with 90 million liters of coconut water over the next five years. This supply contract will require CNPF to spend approximately $40 million (~P2.2 billion) in capex to increase its capacity at its facilities in Mindanao. CNPF expects this agreement to create 1,500 manufacturing jobs.
LEVERKUSEN, Germany — At one of Europe's largest chemical complexes, German group Covestro is trialling the manufacture of a key product using sugar as a base material instead of oil, as the industry seeks to reduce its carbon footprint.
TOKYO, Japan — Japanese camera giant Nikon said Thursday it has agreed to wholly acquire high-end US movie camera manufacturer RED Digital Cinema, a favorite in Hollywood productions for its image quality.
GMAC Logitech Refrigeration Corporation (GMAC) [link], the cold storage joint venture between Ayala Corp [AC 675.00 ?1.2%] and private cold storage player Glacier Megafridge (GMI), announced it would break ground in a few weeks on a new 11,798-pallet position temperature-controlled facility in Panabo City, Davao del Norte. GMAC said that it expects the new facility to begin commercial operations by Q1/25, and that once completed, it would cater to “local food producers, manufacturers, importers, institutional food service, and quick service restaurant clients.” The facility will triple GMAC’s system-wide capacity.MB BOTTOM-LINE: Glacier is one of only two or three cold storage providers who have the DNA required to grow into a potential national leader. It’s great to see the Ayala Group continuing to press forward with cold storage development, though I’m disappointed that we don’t have better insight into their strategy. It sucks to see this developed under the AC Logistics Holdings subsidiary of AC, and not as part of the AyalaLand Logistics [ALLHC 2.13 ?2.3%] entity that has seen its cold storage operations take off in recent quarters. Even putting it in ALLHC would be sub-optimal, as their cold storage is only just a small fraction of what ALLHC actually does. Still, I applaud any news like this where serious companies are building significant structures in the cold storage space. At least AC is doing something! What about all those other conglos?
MANILA, Philippines — President Ferdinand Marcos Jr. has secured deals worth $1.53 billion or P86 billion in investments during the Philippine Business Forum at the ASEAN-Australia Special Summit in Melbourne, according to the Presidential Communications Office.
NEW YORK (AP) — More than 61,000 pounds of steamed chicken soup dumplings sold at Trader Joe’s are being recalled for possibly containing hard plastic, U.S. regulators announced Saturday.