URC acquires Central Azucarera’s idle sugar milling machinery

Gokongwei-led snacks and beverage maker Universal Robina Corporation (URC) on Tuesday announced the acquisition of the idle sugar milling machinery and equipment of Central Azucarera Don Pedro Inc. (CADPI), to boost sugar mill operations in Batangas.

In an emailed statement, URC said the assets will be used to expand the capacity and improve the sugar recovery process at its sugar mill in Balayan, Batangas to a capacity of 8,000 tons a day from the 5,000 tons.

The acquisition of the assets will also bring about the accommodation of more sugarcane farmers at its Balayan mill, some of whom suffer from low sugar recovery due to long waiting times in the truck yard.

“The situation, if not immediately addressed, poses a grave threat to the livelihood of the farmers, as well as the entire sugarcane industry in Batangas, and will aggravate the current sugar shortage in the country,” URC said.

Aside from sugar milling, IRC is involved in the manufacture and distribution of branded consumer foods, the production of hogs and poultry, the manufacture of animal feeds and veterinary products, and flour milling.

The majority of the company’s branded consumer food business is conducted in the Philippines, with operations through subsidiaries in the Cayman Islands, the British Virgin Islands, China, Hong Kong, Indonesia, Malaysia, Singapore, Thailand, Myanmar, Vietnam, New Zealand, and Australia.

The company ended 2022 with a 12% growth in its net income from continuing operations to P14.5 billion, while its operating income jumped 20% to P15.2 billion.

Shares in URC closed Tuesday at P143.10 apiece, down by P4.90 or 3.31% from Monday’s finish of P148.00. — BM, GMA Integrated News