SEOUL, KOREA- Korean food processing company Daesang Corp. said on October 30 that it has signed a 35-billion-won agreement with Nestle, a multinational food and beverage company, to supply 50,000 tons of starch syrup a year from Daesang Ricor Corp. in the Philippine, a joint venture established with local partner Ricor Equities.
The annual demand for starch sugar in the Philippine alone is estimated at 150,000 tons, with most of the supply going to major confectionery and instant coffee makers such as Nestle and Universal Robina Corp. Recently, a Daesang official said, carbonated drink makers have begun purchasing a large volume of starch sugar from it. Accordingly Daesang set ambitious sales targets for next year and 2015 at 40 billion and 50 billion won, respectively.
The Island of Mindanao where the Daesang-Ricor plant is located is a major locale for the production of corn, the raw ingredient for starch syrup, accounting for about 35 percent of corn output in the whole country at 2 million tons.
Myung Hyung-seop, president of Daesang Corp., said, "Beginning with the Nestle deal, we will actively pursue partnerships with major food and beverage companies. Next year we will open a plant to produce high-fructose corn syrup in the northern island of Luzon and with this we will strengthen our effort to move overseas market with the Philippines as a production base.
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