Kamayan is one of the top brands in the U.S market for shrimp paste – a popular condiment in Philippine cuisine, locally known as bagoong.
The brand has grown its presence in the United States since first entering the market in the 1980’s. It is currently being sold in leading Asian food stores across the West and East coast, catering primarily to large Filipino communities there.
Century Pacific’s acquisition also includes the Kamayan license for Canada.
The recent purchase is expected to support the growth of CNPF’s international branded business as it continues to expand in countries where there is a strong overseas Filipino presence.
CNPF, the Philippines’ largest canned food company, has established market leadership locally for its brands Century Tuna, Argentina Corned Beef, 555 Sardines, and Birch Tree. These same brands have also been gaining traction abroad as the Company gradually builds its international presence.
Today, CNPF’s branded products are available in more than 55 countries globally. Flagship Century Tuna is now among the leading brands in China, Vietnam, and the Middle East.
The acquisition of Kamayan is also in line with CNPF’s strategy to be a leading player in ambient food products. Gregory Banzon, Vice President and General Manager for Branded Export said, “This is an exciting addition to Century Pacific’s growing range of products and brands.”
“We intend to capitalize on our manufacturing and marketing capabilities, plus our developing sales coverage globally, to expand the Kamayan portfolio,” he added. CNPF earlier disclosed first half net income growth of 46%, reporting a bottom line of Php1.36 billion as of June 30. This was on the back of robust demand for its branded food products, as well as the recent consolidation of a new coconut business line.
In 2016, the Company is expected to end the year maintaining its double digit growth rates. In 2015, CNPF saw consolidated revenues and net income expand by 14% and 21% respectively.