Jollibee to acquire more firms in US and China
In a bid to fast-track its expansion plans in the two of the world’s biggest economies, fast-food chain Jollibee Foods Corp. (JFC) is now more focused on potential acquisitions in US and China.
According to a report in Bloomberg, JFC could now be eyeing other fast-food restaurants like Smashburger, the US franchise in which Jollibee now owns 40 percent.
“We are looking at the world arena. The acquisition of new businesses is part of our growth strategy and, over the last few years, we have been entertaining opportunities,” President Ernesto Tanmantiong said in the report.
The long term goal, according to him, is to make JFC one of the five largest restaurant chains globally in terms of market capitalization.
Right now, JFC is on its way of meeting its target— to double its net income in the five years through 2019.
Jollibee currently has more than 3,500 stores globally.