Century Tuna maker Century Pacific Food Inc. (CNPF) has acquired a leading shrimp paste brand in North America in line with its strategy to focus on geographical areas where there is concentration of Filipinos.
Through its wholly owned subsidiary Century Pacific Seacrest Inc., CNPF bought the Kamayan trademark for North America, which includes the brand’s license for Canada.
Kamayan is one of the top brands in the US market for shrimp paste, a novelty condiment in Philippine cuisine locally known as bagoong.
The price of the trademark deal was not disclosed.
The brand has grown its presence in the US since its first entrance in the market in the 1980s. It is currently being sold in leading Asian food stores across the West and East coast, catering primarily to large Filipino communities there.
The company said this recent purchase is expected to spur growth for CNPF’s international branded business as it aims to expand in overseas markets with strong Filipino presence.
Incorporated in 2013, listed food manufacturer CNPF has established market leadership mainly for its canned tuna, meat and milk brands such as Century Tuna, Argentina Corned Beef, 555 Sardines, and Birch Tree.
These brands are also gaining traction abroad as the firm gradually builds its international presence.
To date, CNPF’s branded products are sold and distributed in more than 55 countries globally. Flagship product Century Tuna is now among the leading brands in China, Vietnam, and the Middle East.
CNPF is targeting double-digit growth in net income and sales for 2016, hoping to surpass the growth of 14 percent and 21 percent for revenues and net income in 2015, respectively.