RFM Corporation (PSE: RFM) is a publicly listed food and beverage company in the Philippines. RFM is a manufacturer of flour and flour-based products, milk, juice drinks, and ice cream. As of June 2013, RFM had an asset base of P12 billion and a total market capitalization of P17.1 billion.[1]
 | |
| Formerly | Republic Flour Mills, Inc. (1957–1977) |
|---|---|
| Company type | Public |
| PSE: RFM | |
| Industry | Food processing, beverages |
| Founded | August 16, 1957 |
| Founder | Salvador Z. Araneta José N. Concepcion, Sr B.J. Server Albino Z. SyCip Zoilo Alberto Francisco D. Gamboa Edward Miller Grimm Leonardo Eugenio David SyCip Charles Parsons |
| Headquarters | RFM Corporate Center, Pioneer Street, Mandaluyong, Metro Manila , |
Area served | Worldwide |
Key people | José María A. Concepcion III (Chairman, President and CEO) Ernest Fritz Server (Vice Chairman) |
| Products | Wheat flour, cake mixes, pasta, UHT milk, ice cream, non-alcoholic beverages |
| Revenue |  ₱20.681 million (2024) |
| ₱1.643 million (2024) | |
| ₱1.266 million (2024) | |
| Total assets |  ₱−8.036 million (2024) |
| Total equity | ₱14.462 million (2024) |
Number of employees | 523 (2024) |
| Subsidiaries | Unilever-RFM Ice Cream, Inc.[a] Interbake Commissary Corporation Filipinas Water Bottling Company RFM Insurance Brokers, Inc. Rizal Lighterage Corporation |
| Website | rfmfoods |
History
editIts founders included Salvador Z. Araneta, José N. Concepcion, Sr., B.J. Server, Albino Z. SyCip, Zoilo Alberto, Francisco D. Gamboa, Edward Miller Grimm, Leonardo Eugenio, David SyCip and Charles "Chick" Parsons.[2] In 1973, RFM entered into an exclusive licensing agreement with Swift & Company to use the brand "Swift" for its meat processing business (in 1987, RFM purchased ownership rights for its exclusive use in the Philippines). For the next 15 years, RFM concentrated on growing its established core businesses and also introduced other grocery products, such as cake mixes, hotcake mixes, and ingredient mixes.
As it entered the 1990s, RFM began acquiring of a number of local companies and established partnerships with foreign companies.
In 1994, RFM divested its interest in hog operations and the poultry operations became known as Swift Foods Inc. (SFI). In 1995, RFM Properties and Holdings, Inc. was established to consolidate RFM's real estate assets as well as break into the property development business.
Between 1995 and 2000, RFM briefly ventured into noodle manufacturing, tuna processing, bakeshop business with the acquisition of the Rolling Pin trademark, food franchising (Little Caesars Pizza and Dairy Queen) and thrift banking (Consumer Bank).
In 1999, RFM formed a partnership with Unilever (through its Philippine subsidiary) to produce Selecta ice cream under the joint-venture company, Selecta Walls Inc., (now Unilever-RFM Ice Cream Inc.).
In 2001, RFM sold its soft drink subsidiary Cosmos Bottling Corporation to Coca-Cola Bottlers Philippines Inc. (now known as Coca-Cola Beverages Philippines Inc.).[3][4] Cosmos continued to be listed in the Philippine Stock Exchange until 2013.[5]
In 2003, RFM spun off Swift Foods Inc., which formerly operated RFM's Swift poultry business, to become a separately owned company.[6]
By the end of the first decade of the 2000s, RFM significantly reduced its holdings in Philtown Properties, Inc. after 66% of the outstanding shares were declared as property dividends in 2008 and 15% in 2009.[7][8]
Recent developments
editIn November 2012, RFM sold its Swift processed meat business to the Pacific Meat Company, Inc. (now Century Pacific Food, Inc.) RFM said the transaction's total value could reach between P800 million and P850 million.[9][10][11][12][13]
In January 2014, RFM acquired the Royal pasta brand from Unilever Philippines for $47.8 million (around P2.1 billion). The acquisition of the Royal pasta brand will allow the company to solidify its market leadership in the pasta category in the country. RFM's Fiesta brand is currently the top pasta brand in the Philippines, while the Royal brand is second.[14][15][16]
Brands
editCorporate social responsibility
editRFM Foundation Inc. is the social development arm of the company. Among its notable projects are the Ten Outstanding Students of the Philippines and Project Pagsulong.
The Ten Outstanding Students of the Philippines seeks to honor students who made excellent academic performances and their contributions to society.
Project Pagsulong invites young Filipinos to form a team and come up with innovative business ideas good enough to stand against proposals from other teams, as well as viable enough to provide real-life solutions for alleviating poverty.
See also
editNotes
edit- ^ Joint venture with Unilever, through its Philippine subsidiary.
References
edit- ^ "Archived copy" (PDF). Archived from the original (PDF) on March 24, 2014. Retrieved March 24, 2014.
{{cite web}}: CS1 maint: archived copy as title (link) - ^ "Founders". Archived from the original on March 24, 2014. Retrieved March 24, 2014.
- ^ "Coca-Cola wins battle for Cosmos | Business, News, The Philippine Star". philstar.com. July 19, 2001. Retrieved December 16, 2017.
- ^ "Untitled Document". Archived from the original on March 20, 2014. Retrieved March 20, 2014.
- ^ "Cosmos to delist from local stock exchange | Inquirer Business". Business.inquirer.net. April 4, 2013. Retrieved December 16, 2017.
- ^ Diaz, Conrado M. (February 27, 2003). "JoeCon makes comeback via RFM's chicken unit | Business, News, The Philippine Star". philstar.com. Retrieved December 16, 2017.
- ^ "SEC clears RFM's property dividend - InterAksyon.com". Archived from the original on March 24, 2014. Retrieved March 24, 2014.
- ^ "RFM secures regulatory approval for property dividend declarationJoann Santiago | balita.ph - Online Filipino News". balita.ph. August 17, 2012. Retrieved December 16, 2017.
- ^ "RFM sells 'Swift' meat business for P850-M". October 17, 2012.
- ^ "RFM sells Swift brand to Century Canning Group | Inquirer Business". Business.inquirer.net. October 17, 2012. Retrieved December 16, 2017.
- ^ "RFM sells Swift brand to Century Canning". ABS-CBN News. October 17, 2012. Retrieved December 16, 2017.
- ^ "Swift Foods no longer part of RFM". ABS-CBN News. October 6, 2012. Retrieved December 16, 2017.
- ^ Austria, Jennifer (November 12, 2012). "Century Pacific Group Acquires Swift from RFM Corp". Fudash.com. Retrieved July 13, 2019.
- ^ "RFM buys Unilever's Royal pasta for P2B". January 16, 2014.
- ^ Jerome, Neil (January 17, 2014). "RFM acquires Royal pasta brand | Business, News, The Philippine Star". philstar.com. Retrieved December 16, 2017.
- ^ "RFM buys Unilever's Royal Pasta brand for P2.1-B". ABS-CBN News. January 16, 2014. Retrieved December 16, 2017.
External links
edit
This article incorporates text available under the CC BY-SA 3.0 license.