Century Pacific Food gets approval for US subsidiary
Century Pacific Food Inc. has received the approval for the incorporation of a subsidiary in the United States to streamline its activities in North America and optimize its corporate structure.
In a disclosure to the stock exchange, Century Pacific Food said it received the notice on the incorporation of Century Pacific North America Enterprise Inc. that is organized under California’s General Corporation Law. The company is a wholly-owned subsidiary of Century Pacific Food.
As of the end of 2016, Century Pacific Food only had 10 wholly-owned subsidiaries: General Tuna Corp., Snow Mountain Dairy Corp., Allforward Warehousing Inc., Century Pacific Agricultural Ventures Inc., Century Pacific Seacrest Inc., Centennial Global Corp., Century Pacific Food Packaging Ventures Inc., Century International (China) Co. Ltd., Century (Shanghai) Trading Co. Ltd., and Cindena Resources Ltd.
Century Pacific Food is the Philippines’ largest canned food producer and is also the largest exporter of private label canned tuna and coconut products.
Last year, the company reported a 37-percent jump in consolidated net income to P2.7 billion which it attributed to continued revenue growth and the consolidation of its newly acquired coconut subsidiary.