Japan’s Nissin Foods Holdings is taking control of its instant-noodle joint venture in the Philippines.
The Tokyo-based maker of Cup Noodles has agreed to acquire an additional 21% stake in the venture from its Philippine partner Universal Robina Corp. (URC).
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Nissin Universal Robina Corp. (NURC) was originally established in 1994.
When the deal is finalised, Nissin’s stake will rise to 70% from 49%, while URC’s holding will fall to 30% from 51%.
Nissin cited its focus on international growth as a driver for the move, highlighting Southeast Asia as a “promising” market.
“As part of our “mid- to long-term growth strategy 2030” announced in May 2021, we set a target to achieve circa 45% of our core operating profit from overseas businesses,” it said.
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By GlobalDataIn a separate disclosure to the Philippine Stock Exchange, URC said it is “refining” the partnership with Nissin to “further accelerate NURC’s development”.
According to URC, the deal will enable Nissin to take on an “enhanced leadership role” in product innovation and brand building.
URC will continue as the local partner, handling day-to-day operations.
The transaction price was not disclosed by the companies.
In October, Nissin announced plans to establish a subsidiary in Türkiye for noodle production. The move included an agreement to buy a factory in Sakarya province from pasta manufacturer Oba Makarnacılık Sanayi ve Ticaret, along with its production equipment and fixed assets.
At the time, Nissin said the plans would mark the company’s “strategic re-entry” into the country, where “growth opportunities are robust”.
