RFM Buys Royal Pasta Brand From Unilever For $47.8 Million
January 15 2014 - 10:54PM
Dow Jones News
By Cris Larano
MANILA--Philippine food-and-beverage company RFM Corp. (RFM.PH)
has agreed to pay $47.8 million for Unilever's Royal brand pasta
business, RFM said on Thursday.
The acquisition will solidify its position in the Philippine
pasta market, RFM said in a statement. RFM's Fiesta is the
country's top pasta brand while Royal is No. 2.
The 58-year-old Royal brand is expected to boost revenue and
make up revenue lost after the sale of Swift Foods Inc (SFI.PH) in
2012.
RFM raised around $36.4 million in a rights offering in October
to pay for expansion.
RFM and Unilever have an existing ice-cream joint venture.
Write to Cris Larano at cris.larano@dowjones.com
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