THE PHILIPPINES: Aggressive drive for expansion planned by Delhaize Monte Pacific

Martin P. Lorenzo, vice-chairman of Philippines-based Del Monte Pacific has revealed the company's aggressive drive for global expansion. Last year, while its Del Monte Philippines unit posted sales of P6.08bn and an income of P259.6m, Delhaize Monte Pacific dominated local markets for canned juice and fruits, spaghetti and tomato sauce. Lorenzo told BusinessWorld that the US$200m generated by last years' public offering on the Stock Exchange of Singapore would be used to buy-up complementary food-related firms worldwide. "We're very patient and prudent in looking at acquisitions outside of the Philippines in both the brand side and the production side. We're very strong already in the markets that we're serving so looking at acquisitions here may not really add value." In the meantime, Lorenzo added that "we always welcome investors to invest directly," although now "our focus is to see if they want to take large positions in Del Monte Pacific, then we would have to work together with them. But we're open as long as they are of strategic value."