MANILA, Philippines — Gokongwei-led Universal Robina Corp. (URC) is reinforcing its efforts to reduce plastic waste through a joint venture with a waste management and recycling company.
In a stock exchange filing, the snack foods giant said it has entered into a joint venture with Greencycle Innovative Solutions Inc. for waste management which includes the collection, treatment, recovery and processing of plastic wastes.
As part of the agreement, the companies will establish a joint venture company with an initial paid in capital of P27 million.
URC will take a 75 percent ownership of the joint venture company, while Greencycle will own the remaining 25 percent.
URC said such ownership ratio would be maintained for all types of financial capital undertakings of the joint venture company to be incorporated.
The joint venture firm is eyed to start commercial operations by September, subject to receipt of relevant government approvals and issuance of the necessary permits.
“Through the joint venture, the parties aim to formulate an integrated operation or ecosystem that incorporates the reduction of plastic waste through collection, treatment and processing of waste materials and convert it into reusable or recyclable products,” URC said.
According to URC, the joint venture company will form part of its strategies to comply with its obligations under RA No. 11898 or the Extended Producer Responsibility Act of 2022.
Greencycle is engaged in waste management, recycling and other activities aimed at helping corporations, local government units and other entities on waste diversion.
These are done through the processing and converting of waste products into viable energy source or material and plastic neutrality programs consistent with the Extended Producer Responsibility Law.
URC has been undertaking various initiatives that are in line with the Gokongwei Group’s thrust to promote long-term efforts that will significantly help manage post-consumer plastic waste.
URC is one of the country’s largest food and beverage manufacturers. It also has significant and growing presence in ASEAN.
In the Philippines, URC produces iconic brands such as Great Taste, C2 Cool & Clean, Piattos, Maxx candy and Cream-O cookies, among others.
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