Universal Robina Corp., the food company of the Gokongwei Group, said it formed a joint venture Greencycle Innovative Solutions Inc. for waste management that includes the collection, treatment, recovery, and processing of plastic wastes.
The joint venture will allow Universal Robina to comply with the Extended Producer Responsibility Law, which aims to achieve plastic neutrality in the country. The law covers plastic packaging that includes sachets, labels, laminates, other flexible plastic, rigid plastic packaging, single use plastics and polystyrene.
The listed food company will own 75 percent of the joint venture with Greencycle, which will start commercial operations in September.
The joint venture company, which will have an initial paid in capital of P27 million, will have 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.
Universal Robina has investments in the manufacture and distribution of branded consumer foods; production of hogs and poultry; manufacture of animal feeds and veterinary products; flour milling; and sugar milling and refining. URC also ventured in the renewables business for sustainability through distillery and cogeneration divisions.
