San Miguel Food and Beverage, Inc., doing business asSan Miguel Foods (formerly Pure Foods Corporation and San Miguel Pure Foods Company, Inc.), is a Philippine food and beverage company headquartered in Pasig, Metro Manila. It is the largest food and beverage company in the Philippines, with nearly 3,000 employees deployed in a nationwide network of offices, farms, manufacturing, processing and distribution facilities. The company is a subsidiary of San Miguel Corporation (SMC).
History
The company was incorporated on October 31, 1956 as Pure Foods Corporation, a manufacturer of processed meats marketed under the Purefoods brand name. Its incorporators were Joseph Henry Ng, Manuel Fong, Ismael Mathay Jr., Lee Ngan, Pablo Cutaoco, Gregorio Tung and Miguel Ortigas.[1]Ayala Corporation acquired substantial shares in the company in 1965 and majority control in 1981.[2]
In 2001, San Miguel Corporation (SMC) acquired Pure Foods Corporation from Ayala Corporation.[3] Following the acquisition, the entire food division of SMC was consolidated under Pure Foods Corporation and the company was renamed San Miguel Pure Foods Company, Inc. Its integrated operations range from breeding, contract growing, processing, and marketing of chicken, pork and beef to the manufacture of refrigerated, canned and ready-to-cook meat products, ice cream, butter, cheese, margarine, oils and fats, as well as animal and aquatic feeds. It holds in its portfolio some of the most formidable brands in the Philippine food industry. Sixty per cent of its sales comes from poultry, feeds and meats; branded businesses, processed meats, coffee and dairy; and flour. As at July 16, 2013, San Miguel Pure Foods had a market share of over 40%, and is the Philippines' leading poultry producer.[4]
On November 6, 2017, SMC announced the consolidation of its beverage businesses into San Miguel Pure Foods Company, Inc. through a $6.6-billion share swap deal. San Miguel Pure Foods Company, Inc. would acquire 7.86 billion shares in San Miguel Brewery, Inc. and 216.97 million shares in Ginebra San Miguel, Inc. from SMC. After the consolidation, San Miguel Pure Foods Company, Inc. would be renamed San Miguel Food and Beverage, Inc.[5][6] San Miguel Pure Foods Company, Inc. held a special stockholder meeting on January 18, 2018, which approved the amendments to the Articles of Incorporation and the share swap transaction. After the consolidation, SMC intended to sell up to 30% of the company to foreign investors to raise roughly $3 billion for future investments. The sale would be done through a private placement in 2018.[7][8]
On March 23, 2018, the Philippines' Security and Exchange Commission (SEC) approved the change in corporate name and amendments in the company's Articles of Incorporation.[9] The company's PSE ticker symbol was changed to PSE: FB effective April 5, 2018.[10]
Former logo as San Miguel Pure Foods from 2001 to 2018.
^San Miguel CampoCarne Corporation was a joint venture between San Miguel Corporation and Conservera Campofrío S.A. The company was formed as San Miguel Campofrío Corporation in 1991 and was renamed as San Miguel CampoCarne Corporation in 1992. After the acquisition of Pure Foods Corporation by SMC, the joint venture was absorbed into San Miguel Pure Foods Company, Inc. (now San Miguel Food and Beverage, Inc.) in 2001.
