Century Pacific Food Inc. (CNPF) has acquired a 100 percent stake in Coco Harvest Inc., a coconut processing facility in Misamis Occidental, Mindanao for $40 million.
The company said on Thursday that the deal includes the purchase and planned improvements of the facility, which produces coconut water, coconut milk, desiccated coconut, and virgin coconut oil.
The investment, it added, is expected to create over 1,500 manufacturing jobs and provide market access to local coconut farmers.
“This deal is an accretive acquisition and a significant milestone for the company,” CNPF President and CEO Ted Po said.
Built in 2016, the 6-hectare facility is strategically located in a region rich in coconut supply, enhancing CNPF’s capacity to meet the growing demand for coconut-based products in domestic and export markets.
“Our coconut business has grown substantially on the back of health and wellness trends. The additional capacity from Coco Harvest will bolster our ability to serve rising demand, with room for expansion. We are encouraged by the long-term growth trajectory of our coconut business,” he added.
In March 2024, CNPF signed an expanded long-term agreement with The Vita Coco Company to supply approximately 90 million liters of coconut water over the next five years.
Since entering the coconut category in 2012, CNPF has become a key player in domestic and international markets.
CNPF also supports local coconut farmers, having committed to donating 1 million coconut seedlings to smallholder farmers through partnerships with GCash and HOPE.