W Hydrocolloids, Inc. acquires Kerry Food Ingredients (Cebu) Inc. seaweed processing facility
Taguig City, Philippines – September 1, 2016
W Hydrocolloids, Inc. (“WHI”), a pioneer in the Philippine seaweed industry, has today acquired the seaweed processing facility of Kerry Food Ingredients Cebu Inc. (“Kerry”) located in Barangay Tabok, Mandaue City, Cebu, in central Philippines. WHI will acquire 100% of the assets used to process Carrageenan chips from local seaweed.
This agreement will ensure this seaweed processing facility will continue to support thousands of seaweed farmers, directly and indirectly, located around central Philippines. WHI Chairman, Mr. Wee Lee Hiong: “Striving to be the best carrageenan producer,
WHI intends to be the market leader in the carrageenan-based food ingredient market. This acquisition brings us closer to this goal. This partnership with Kerry also aims to unlock shareholder value to both companies in these challenging market conditions.”
Kerry will continue to purchase Carrageenan chips from WHI over the next years to supply their worldwide requirements. This cooperation will leverage the strength of WHI in seaweed procurement and production efficiency, and Kerry’s expertise in value added products for various food applications.
About W Hydrocolloids
W Hydrocolloids (formerly PCI Worldwide) is owned by the Wee family who started in the Philippine seaweed industry in the 1960’s. It will now operate 3 seaweed processing facilities around the Philippines located in Carmona (Luzon), Carmen (Visayas), and Mandaue (Visayas). It also has a joint venture with Cargill in Canlubang (Luzon) for the manufacture of fully refined carrageenan, the first fully automated carrageenan facility in Asia. The Wee family is also into Real Estate development (W Land, Inc.) with more than 185,000 square meters (approx. 2 million square feet) of available office space for lease with tenants from the Fortune 500 list of companies.