Robina to reinvest €21m in facilities

Related tags Generally accepted accounting principles

Robina, the food arm of the Gokongwei family business empire in the
Philippines, will reinvest $20 million (€21m) to cover its capital
expenditures in its next fiscal year beginning this October.

Robina, the food arm of the Gokongwei family business empire in the Philippines, will reinvest $20 million (€21m) to cover its capital expenditures in its next fiscal year beginning this October.

URC president Lance Gokongwei said the money would be used primarily to complete a flour mill by July next year. The facility is expected to boost URC's capacity by 500 tons a day.

For this year, URC has set aside some P3 billion (€624m) for its capital expenditures, of which P1 billion will cover for its plastic packaging facility in Batangas.

Gokongwei said the plastic packaging plant was scheduled to open this October. With a production capacity amounting to 18,000 tons a year, the new plant will double current production of bioxially oriented polypropylene. The additional capacity will be used for export to other countries.

"It will make us the number one producer in this particular packaging segment,"​ Gokongwei said.

Related topics Processing & packaging

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