Tycoon Manuel V. Pangilinan-led Metro Pacific Investments Corp. (MPIC) has completed its takeover of Franklin Baker, one of the leading coconut processors in the Philippines.
This comes just less than five months after the group’s agri-food unit Metro Pacific Agro Ventures Inc. (MPAV) entered into a pact to buy Franklin Baker.
‘In our drive to build a stronger agricultural sector, this acquisition supports key industries such as coconut processing,’ said Pangilinan, chair and CEO of MPIC.
‘By bringing Franklin Baker into our portfolio, we are strengthening an important segment of the supply chain and helping ensure that thousands of Filipino farmers and communities benefit from a more efficient and stable industry,’ he added.
The group said the move injects Franklin Baker with ‘immediate capital and strategic support to clear pending export backlogs and stabilize the operations.’
MPIC did not disclose the transaction value.