To further its entry into the growing dairy category, DMPI entered into the Joint Venture with Vinamilk.
The Joint Venture was intended to enhance DMPI’s value proposition of offering premium healthy products and expand its portfolio to include the dairy category. The Joint Venture enables Vinamilk to enter the Philippine market with innovative product offerings.
DMPI and Vinamilk will have joint ownership and control of the Joint Venture.
The parties entered into a joint venture agreement on 11 March 2021 which was subject to requisite approvals the last of which was obtained as of 16 August 2021.
The corporate vehicle for the Joint Venture had been incorporated and is in the process of completing licensing arrangements for the use of Del Monte and Vinamilk and securing the requisite permits and licenses including business permits, importation license and market authorizations from the relevant government agencies.
The Joint Venture company is expected to be fully operational to directly import and sell the products within a few months from this date. In the meantime, DMPI will be the direct importer and distributor of the dairy products produced by Vinamilk for the Philippine market.