Axelum to spend as much as P200M on coconut water facility

Coconut product manufacturer Axelum Resources Corp. on Monday said plans are afoot to spend as much as P200 million on its own coconut water facility.

The company is looking to spend P150 to P200 million on coconut water processing, Axelum president Henry Raperoga said In a press conference in Taguig City.

“It’s one way for us to turn into revenue the coconut water we are not processing now,” he told reporters on the sidelines of the company’s listing on the Philippine Stock Exchange.

“We don’t know yet the set up as to what would be the capacity. We’re still balancing as to how many we’re disposing right now (that remain unprocessed),” he said.

The processing plant will likely take 12 months to build from once the orders have been made for the equipment.

“Including the ordering of the equipment, probably at least 12 months. The equipment will have to be manufactured to our specifications,” he said.

Axelum is a major exporter of products such as desiccated coconut, coconut milk powder, coconut milk/cream, reduced-fat coconut, sweetened/toasted/roasted desiccated coconut, coconut cooking oil, and other coconut products.

The company’s products are sold to domestic and international food and beverage companies, confectioneries, bakeries, private label supermarkets and grocery store chains, food service industries, coconut coffee creamer manufacturers, cosmetics, and diet prepared food market.

Aside from Vita Coco, its notable customers include global brands such as The Hershey Co., Nestle, Unilever, Ferrero, General Mills, Campbell’s, Quaker, Kellogg’s, Cadbury Schweppes, and ConAgra Foods.

Its products are distributed in the United States, Canada, Australia, New Zealand, Eastern Europe, Europe, Middle East, Japan, and several countries in Asia.  —VDS, GMA News