October 15, 2007

Philippines' JG Summit to invest in milk production

Philippine conglomerate JG Summit Holdings Incorporated is investing P509.59 million (US$11.48 million) for a new plant that will manufacture milk and coffee creamer.

In a disclosure to the Philippine Stock Exchange, JG Summit said the plant, which will be built in Calamba, Laguna, is expected to produce 3 million kilograms of powdered filled milk, 12 million liters of ready-to-drink full cream milk and 5 million kilograms of coffee creamer, every year.

JG Summit said the new products will boost its existing coffee brand, Blend 45, which has been dormant in the market due to competition.

The company said it has applied for incentives with the Board of Investments in relation to this expansion.