Pillsbury enters Philippines

Pillsbury enters Philippines

MANILA (AFP): A division of the British spirits and food giant Diageo Plc. is to enter into a flour joint venture with Pure Foods Corp. of the Philippines, the Filipino partner said Wednesday.

Pillsbury Co. will have a controlling stake in the joint venture, to be called Pillsbury Pure Foods Co. Inc., Pure Foods said in a disclosure statement to the Philippine Stock Exchange.

Pure Foods said it will have a 40 percent stake in the venue, but it did not disclose the value of either partner's investment .

The new company's product line will include pre-mixed cake, pancake and doughnut products as well as frozen bakery products.

It will bring together Pillsbury's manufacturing technology and global marketing expertise with Pure Foods strong local market knowledge and flour market leadership

Pillsbury is one of four operating companies of Diageo. Pure Foods, a consumer foods firm, is a unit of Philippine conglomerate Ayala Corp.