Century Pacific acquires coconut processing plant in Misamis Occidental

The Po family’s foods manufacturer Century Pacific Food Inc., the company behind Century Tuna brand, has acquired Coco Harvest Inc. 

In a disclosure to the Philippine Stock Exchange on Thursday, Century Pacific said it acquired 100% stake in Coco Harvest, which owns a coconut processing facility in Misamis Occidental.

The company said it is allotting approximately $40 million for the acquisition and further investments in improvements on Coco Harvest's plant.

The amount will be financed through internally generated cash flow from operations, it said.

Century Pacific said its investment in Coco Harvest’s expansion is expected to create more than “1,500 quality manufacturing jobs in Mindanao.”

It added that its $$40-million investment will also create demand for auxiliary services needed by the plant as well as provide market access for the harvests of coconut farmers in the region.

The food manufacturer said Coco Harvest’s fully integrated facility, built in 2016, sits on a six-hectare property and has the capability to produce higher value coconut-based products such as coconut water, coconut milk, desiccated coconut, and virgin coconut oil. 

The facility is also strategically located to capitalize on the abundance of coconut supply in the region, it said.

“This deal is an accretive acquisition. More importantly, it marks a significant milestone for the company. Our coconut business, encompassing both domestic and export, has grown substantially these past few years on the back of burgeoning trends in health and wellness. The additional capacity from Coco Harvest will bolster our capability to serve rising demand, with room for expansion as the business grows,” said Ted Po, Century Pacific president and CEO.

In March 2024, Century Pacific inked an expanded long-term agreement with The Vita Coco Company Inc., a global leader in the coconut water category. 

The agreement stipulates increased volume commitments from Vita Coco amounting to approximately 90 million liters over the next five years.

Century Pacific entered the coconut category in 2012 as a manufacturer of coconut water for OEM or original equipment manufacturer export. 

OEM is a company that manufactures products for another firm’s brand.

“We are encouraged by the long-term growth trajectory of our coconut business,” said Po. 

“From where we started, it has evolved to become globally competitive in the category through the team’s commitment to excellence and innovation. It’s a platform where we believe we can create more value for the company as well as the local coconut farming industry,” added Po. — BM, GMA Integrated News