SMC Streamlines Meat, Poultry Businesses

PHILIPPINES - San Miguel Corporation (SMC) is to consolidate its meat and poultry businesses.

1 September 2010

2 minute read

Asia

While still considering options for the sale of a substantial minority in its food and beverage unit, SMC is continues to streamline the operations of the subsidiary by consolidating its meat and poultry businesses.

Manila Bulletin reports that documents filed with the Securities and Exchange Commission show, SMC is seeking to fold mean business Monterey Foods Corporation into poultry and feeds unit San Miguel Foods Inc. (SMFI).

SMFI operates the poultry and feeds businesses, the San Miguel Food Shop franchising operations, and the conglomerate's integrated selling and distribution activities.

On the other hand, Monterey is into livestock farming, processing and selling of meat products mainly pork and cattle. Founded in 1969, the company was formerly known as Monterey Farms Corporation.

The merger will involve the transfer of the assets and liabilities of Monterey as of 31 March 2010, in favour of SMFI. Monterey has total assets of 5.4 billion pesos (PHP) and liabilities amounting to PHP5.32 billion while SMFI has assets worth PHP18.95 billion and liabilities of PHP10.67 billion.