Philippines-based canned food manufacturer Century Pacific Food hopes to expand its branded export business to China via the acquisition of local distributors.
The company said it is taking a 100% ownership stake in entities that distribute Century Tuna in China for US$2.6m cash.
“We are excited about this newest addition to our export presence. China could be a future growth market for us with its total canned food market estimated to be increasing double-digits annually,” Gregory Banzon, vice president and general manager, said.
Century Pacific said since its entry into China during the early 1990s it has grown its presence to become “the country’s number one canned tuna brand”.
“We look forward to growing our product portfolio and expanding the distribution network in China,” Banzon said. “We are currently studying opportunities to enter adjacent categories to take advantage of this new market.”
Century Pacific is working to expand its overseas business. In October, the company acquired the North American licence to shrimp paste brand Kamayan.