March 3, 2004

Philippines' San Miguel Plan Vietnam Partnership With Hormel

Philippine food and drink group San Miguel Corp. Tuesday confirmed a local newspaper report Monday that it plans to venture into processed meat manufacturing in Vietnam in partnership with Hormel Foods Corp.

"The company is in discussions with Hormel USA on a possible joint venture for processed meat manufacturing in Vietnam. No definite agreements have been reached," said San Miguel in a clarification issued to the stock exchange.

San Miguel is already involved in brewing, packaging and hog raising in Vietnam.

Francisco Alejo, president of Purefoods Hormel Co., a unit of San Miguel Pure Foods Co., as saying that the company is keen on building a meat-processing facility, possibly in Dong Nai province, which awarded an investment license to San Miguel in November.

He said Hormel and San Miguel, partners in Purefoods Hormel, are ironing out details of the Vietnam operations.