MPIC buyout of Franklin Baker pushes through this year – MVP

MANILA, Philippines — Metro Pacific Investments Corp. (MPIC), through Metro Pacific Agro Ventures Inc. (MPAV), is pursuing the group’s P1-billion buyout of Franklin Baker Co. this year.

“That will push through. We’re already actually using them as our OEM (original equipment manufacturer) because Axelum needs capacity so we asked them to produce products for Axelum. So we’re using their capacity already,” MPIC chairman, president and CEO Manuel V. Pangilinan said.

The STAR earlier reported about MPAV’s plan to acquire 100 percent of Franklin Baker, one of the world’s oldest manufacturers of coconut products, for P1 billion to save its facilities from closing down.

Franklin Baker manufactures desiccated coconut, but also sells coconut water, sweetened coconut and toasted coconut.

Pangilinan is hoping that the acquisition Franklin Baker will be completed by his group this year.

He said the acquisition would enable MPAV to produce finished coconut products for export.

“It’s an export business, both Axelum and Franklin Baker, which is I think a good business model because dollar revenues, peso expenses, especially nowadays,” Pangilinan said.

Aside from becoming one of the country’s biggest players in coconut processing, the Metro Pacific Group’s acquisition of Franklin Baker will also bolster its growing portfolio in agriculture, composed largely of ventures in the coconut and dairy industries.

MPIC made its entry into the agri-business sector in 2022 through a partnership with the Carmen’s Best Group.

It was followed by another agri venture in 2023 with the acquisition of 34.76-percent ownership in Axelum Resources Corp., a manufacturer and exporter globally of high-quality coconut products.

Last year, MPAV announced agreements to acquire 100 percent of Universal Harvester Dairy Farms Inc. (UHDFI) in a bid to continue its mission to provide fresh, high-quality dairy products for the Filipino people.

Located in Bukidnon, UHDFI operates under the Bukidnon Milk Co. brand and produces fresh milk, flavored milk, yogurt and cheese products, with presence primarily focused on key cities in Visayas and Mindanao.