This morning, I received news from our friends in Del Monte about the acquisition by Del Monte Pacific Limited (DMPL), a PH company publicly listed in both Singapore Mainboard and Philippine stock exchange, of Del Monte Foods (DMF), a US corporation who owns the brand rights for process food products in both US and South America.
A Del Monte buying another Del Monte company don’t make sense. That is, until we understand that the “Del Monte” brand is owned by different groups and each one have exclusive right to to use the iconic brand to produce, market and sell on a specific geographical area. For instance, the Del Monte brand selling fresh produce in the Philippines is a different company from the one selling the canned products.
So what does the acquisition mean to ordinary Filipinos?
Well for one, it speaks of the stature of PH companies, so it definitely is a boost to the Philippine brand. Secondly, our locally produced and processed products will find its way on the US and South American markets. Theoretically, this should create more jobs and opportunities for Filipinos to be able to meet the demand of the new market.
I hope to get some more details about this news and future direction from the execs of DMPL. Am surely interested of the initiatives that will translate to job creation and/or biz opportunity.