Century Pacific is extending the agreement with Vita Coco
Product maker Century Pacific Food, Inc. (CNPF) has expanded its long term partnership with the coconut water brand Vita Coco.
In a press release on Wednesday, the firm reported that its $165 million multi-year contract as the original equipment manufacturer for Vita Coco would improve its position as the top exporter of coconut water.
“The extension of our long-term deal with the world leader in bottled coconut water is a strong demonstration that both parties are completely optimistic that, together we will proceed on the growth path that we have seen over the last few years in the near future,” said CNPF Vice President and Coconut Manager Noel M. Tempongko, Jr.
CNPF Executive Chairman Christopher T. Po added that the long-term deal with Vita Coco is beneficial for the company as it aims to create demand for the fruit.
“For CNPF, our rising position on the global coconut market is in line with our long-term goal of a diversified portfolio of stable food and beverage products,” said Mr. Po.
“We will continue to utilize our manufacturing capabilities to capitalize on evolving global trends, especially for health and wellness goods,” he said.
The company said that its expanded agreement with Vita Coco is expected to support coconut farmers in Mindanao as they are assured of market access to their produce over the next few years, thereby increasing their profits.
CNPF recently collaborated with the non-profit group Friends for Hope to donate 100,000 coconut seedlings annually to smallholder coconut farmers in Mindanao over the next five to eight years.
“In addition to promoting farmers’ incomes and extending the long-term supply of coconut in the country, planting coconut trees can sequester approximately 416,680 metric tons (MT) of greenhouse gas emissions over the next eight years, enabling the company’s coconut subsidiary to be carbon-neutral by 2028,” the company said.
Previously, the company spent P300 million to boost its coconut processing capability in order to satisfy foreign demand for high-value coconut products.