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Thursday, September 23, 2004
San Miguel to spend bulk of capex on expansion projects in RP: exec
SAN Miguel Corp. has earmarked the bulk of the company’s three-year P15-billion total capital expenditure for domestic operations, particularly to finance the establishment of new facilities and expansion and modernization programs.
In a statement sent to the stock exchange, SMC said it will inaugurate this year its Pure Foods Hormel Plant in Cavite and two Pure Foods’ facilities in Batangas, a flour mill and flour blending facility.
It will also put up feed mill plants in Bataan and Misamis Oriental, a broiler farm in Bulacan and hog farms in Bukidnon and Tarlac, where it is also putting up a pet food plant and a veterinary medicine facility.
An industrial park in Laguna will host its manufacturing plants for value-added food products.
San Miguel is also expanding and modernizing its breweries in Polo, Valenzuela and in San Fernando, Pampanga.
In Negros Oriental, it will expand the capacity of the Distileria Bago of SMC’s liquor unit, Ginebra San Miguel Inc. Another alcohol distillery will rise at a Phividec site in Mindanao.
SMC chairman Eduardo M. Cojuangco Jr. said its expansion programs “contribute substantially in our raw material import substitution and help save foreign exchange for the country.” (CTL)
(September 23, 2004 issue)
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