Manila, Philippines - Philippine food concern Pure Foods Corp. plans to form a new company with longtime partner, U.S.- based meat products company Hormel Foods Corp.
Pure Foods, a member of the Ayala Group of Companies, said it will spin off its processed meats division to form the new joint venture company with Hormel. The new company will start operation in January.
The processed meat division is the largest contributor to Pure Foods' sales and profit. It is the market leader in hot dogs, ham, bacon, and cold cuts, accounting for 47 percent of the country's refrigerated meats market.
The new company, to be called The Purefoods-HFC Co., will be 60 percent owned by Pure Foods and 40 percent by Hormel. It will produce Pure Foods and Hormel brands of canned and refrigerated meats.
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