TUNA canner Century Pacific Food, Inc. (CNPF) announced on Tuesday its acquisition of the Philippine license for pork and beans brand Hunt’s from Hunt-Universal Robina Corp. (HURC), a 50-50 joint venture between URC and ConAgra Foods.
CNPF said it purchased the rights to manufacture, sell, and distribute Hunt’s branded products in the Philippines HURC, adding that the acquisition also includes the transfer of manufacturing assets and inventory related to HURC’s Hunt’s product lineup.
Currently, this lineup includes pork and beans, tomato-based spaghetti sauce, and marinade sauce.
“We are excited about expanding our portfolio with brands and products that resonate with Filipino consumers.
Hunt’s is a welcome addition with its local dominance in pork & beans, its emerging presence in condiments, and its potential to be another source of growth for us,” CNPF President and Chief Executive Officer Christopher Po told the Philippine Stock Exchange (PSE).
“This will be an accretive acquisition for us and we see a number of potential synergies. These include synergies in the supply chain, distribution, manufacturing, and marketing,” he said.
“We also look forward to leveraging on the track record and category leadership that URC has built for Hunt’s here in the Philippines. We are excited to work with ConAgra to further grow the brand locally.”
Hunt’s is one of the world’s top manufacturers in the field of tomato-based products. It has a long heritage, spanning more than 100 years globally with consistent profitability and brand strength.
Hunt’s was the first joint venture brand of URC in partnership with ConAgra.
To date, Hunt’s maintains an expanded portfolio including other tomato-based culinary sauces and dominates the ready-to-eat canned beans category with an 86 percent market share locally.
“Together, we have built a strong category in pork and beans and sauces,” URC President and Chief Executive Officer Lance Gokongwei said.
“We have recently conducted a strategic review of our portfolio and have shifted our focus to our core categories, namely snack foods and beverages, which are geared towards convenience and on-the-go occasions. Given this shift, URC and ConAgra have decided to spin off Hunt’s to CNPF as we believe that their strength in the grocery category can further add value and take the brand to new levels of growth in the years to come,” he added.
In late 2016, CNPF also acquired the Kamayan trademark for North America, one of the top brands of shrimp paste, which represented the company’s initial foray into branded categories outside its core segments of marine, meat and milk.
CNPF has an established track record of brand-building, which now spans close to 40 years. It has developed a roster of household names including Century Tuna, Argentina Corned Beef, 555, Angel, and Birch Tree, maintaining market leadership in both the canned tuna and canned meat segments.