Jollibee Foods Corporation (JFC) & Cargill Philippines will build and operate a poultry processing plant in Santo Tomas, Batangas, in the Philippines.
Cargill and JFC will have a 70% and a 30% stake respectively in the joint venture Cargill Joy Poultry Meats Production, Inc.
Cargill will oversee the setting up, management and operations of this facility.
The partnership will create an estimated 1,000 new full time jobs and develop new opportunities in the farming community in the Batangas and nearby provinces as local poultry farmers are contracted to grow chicken to supply the requirements of the processing plant.
“The facility will provide JFC with dressed and marinated chicken to augment the chicken supply requirements of the growing needs of JFC brands,” said JFC CEO Ernesto Tanmantiong.
JFC will invest Php244.9 million for 30% of Cargill Joy Poultry Meats Production.
It will also invest Php15.2 million for 30% of Cargill Joy Poultry Realty, Inc., from which Cargill Joy Poultry Meats Production, Inc. will lease the land on which the plant will be located.
