W Hydrocolloids Inc. Acquires Cargill’s Stake in Philippine Bio-Industries Inc.9 Sep 2020
The acquisition would boost WHI’s supply of high-quality carrageenan-based food ingredient systems in the Philippines while Cargill continues to leverage its global footprint to serve its carrageenan customers globally.
W Hydrocolloids, Inc. (“WHI”), a pioneer in the Philippines seaweed industry and a major carrageenan supplier from the Philippines, has acquired Cargill’s stake of the joint venture in Philippine Bio-Industries, Inc. (“PBI”). PBI is the first fully automated refined carrageenan facility in Asia, producing highly refined carrageenan and carrageenan blends for the food industry.
Through this acquisition, WHI will now oversee the management of this facility, which started operations in the Philippines since November 1992. PBI uses patented European technology to produce fully refined carrageenan based on local seaweed raw materials. It has operated with a focus on food safety, acquiring both ISO 9001 and FSSSC 22000 certifications. The state-of-the-art plant is fully compliant with Halal and Kosher requirements. PBI also provides safe working conditions, with a stellar record of over 10 years working without Lost Time Accident (LTA). In addition, PBI follows a stringent environmental protection program to minimize its impact on the environment. All PBI employees will now be part of the WHI family.
"The Philippines remains an important market for Cargill and the company will continue to invest in the country and develop its businesses to meet the growing domestic demand for food and agriculture products," said Sonny Catacutan, Philippines country representative for Cargill. "Cargill will continue to produce Carrageenan in its state-of-the-art plant in Europe and where appropriate, purchase PBI carrageenan-based products in order to serve its customers in the Philippines and around the world with premium seaweed ingredients."
WHI President, John Wee, believes that the acquisition “complements our business strategy of expanding our product portfolio and continuing to produce reliable food ingredients that bring value to our clients.” He also stated that “WHI is committed to provide safe and sustainable food solutions especially in this period of uncertainty,”. The deal was signed today at W Building, Fifth Avenue, Bonifacio Global City, Taguig City, Philippines.
About W Hydrocolloids Inc.
W Hydrocolloids Inc. (WHI) is a cornerstone of aquaculture innovation. With more than 50 years of experience in the food ingredients industry, it aims to be the global leader in this business with its trade name brand RICO® Carrageenan. The company has five (5) facilities around the Philippines located in Metro Manila, Cavite, Laguna, Carmen and Mandaue, Cebu. WHI is a subsidiary of W Group Inc., a holding company with interests in food ingredients manufacturing, real estate development and financial portfolio management.
For more information about W Hydrocolloids Inc., visit www.rico.com.ph and www.wgroup.com.ph.
About Philippine Bio-Industries, Inc.
Philippine Bio-Industries Inc. is an enterprise based in the Philippines with its main office and facility in Canlubang, Laguna. It specializes in the production of fully refined carrageenan, specialty carrageenan and functional systems (blends).
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