Century Pacific Food Inc. (CNPF) said it has signed a new long-term tolling contract with Malaysian Linaco Group for its coconut products.
Linaco’s high-value coconut products are available in 40 countries, located across Europe, Middle East, China, Hong Kong and Australia.
The new contract expands the its 2018 agreement where Century Pacific supplies Linaco’s coconut milk brands.
“After more than two years of working together, both companies agreed to increase volume commitments and expand the range of products that Century Pacific will produce to serve Linaco’s growing requirements,” it said, noting the new agreement is worth $50 million.
Century Pacific said it is currently expanding its coconut manufacturing capacity, spending around P300 million to address the growing demand for high-value coconut products overseas.
Vita Coco is the world’s leading coconut water brand and Century Pacific is one of its largest suppliers globally.
Century Pacific recently unveiled its own brand, Coco Mama Fresh Gata.
The company is in the process of installing additional lines which will more than double its production capacity for Coco Mama.
“Our growing presence in the global coconut market – both as an OEM (original equipment manufacture) export manufacturer and domestic branded player – is in line with our long-term vision of building a healthier and more diversified suite of shelf-stable food and beverage products,” said Christopher Po, Century Pacific executive chairman.