Calbee Inc., the No. 1 snack food company in Japan and the second largest snack food company in the world, with Headquarters in Tokyo, Japan, plans to set up a joint venture company in the Philippines with Universal Robina Corporation (URC), called Calbee-URC (50-50 equity ratio). Calbee believes the partnership with URC, itself a strong brand in the Philippines, will help Calbee expand its sales and share in the promising Philippine snack foods market. The new company which will initially be capitalized at PHP 600 million, will focus on the manufacture and sale of snack food.
Calbee-URC envisions that it will become a consolidated subsidiary of the Calbee Group during the fiscal year ending March 31, 2015. It targets annual sales of JPY 4 billion within six years of establishment.