Global Equities closes plant of subsidiary

Publicly-listed holding firm Global Equities Inc. (GEI) has permanently closed the manufacturing plant of its wholly-owned subsidiary Adamson and Adamson Inc. (AAI) in Muntinlupa City ahead of a major corporate restructuring and expansion program.

GEI corporate information officer Arsenio Cabrera Jr. told the Philippine Stock Exchange that the company’s board has given the go-signal to a shake-up in AAI’s management and other measures "to improve efficiency, cut costs and maintain its market share in the health care products industry."

No less than GEI chief Nora Bitong has stepped in to take over as AAI president, replacing Kenn Francis Ramos who resigned effective Jan. 31, 2003. Other board and key management posts in AAI were also reorganized, including supervision over the finance, manufacturing and administration and maintenance and general services departments.

Cabrera said with the closure of the Cupang, Muntinlupa plant, AAI’s manufacturing facilities shall be consolidated with the Sta. Rosa plant which is presently undergoing modernization and expansion. In the meantime, he said AAI plans to enter into a toll manufacturing agreement with Solid Development Corp., a dependable and reliable supplier of superior quality cotton products.

He said AAI has also reached an agreement with Getz Bros., a subsidiary of the US-based Mamon Group of Companies, as its exclusive distributor and has since broached the possibility of jointly launching product extensions to expand AAI’s product line in the personal health care business.

Getz Bros. has been operating for over 50 years in the Philippines and has been engaged in the distribution of various leading brands in the market such as Helene Curtis, Salonpas, Lea & Perrins Sauce, and other well-known food and personal care products.

"The international network of Getz Bros. will enhance AAI’s efforts to purchase raw materials from abroad and have access to cheaper finished products from other countries," Cabrera added.

Aside from AAI, GEI’s other subsidiaries are Global Airport Container Yard, Global Airport Business Park, Global Airport Facilities, Global Airport Storage Co. and Global Business Park Ventures – all based in Parañaque City, and property firms Mt. Ridge and Clark’s Sacobia Hills and Country Club Inc.

GEI is also developing the 10-hectare business park along the Ninoy Aquino Ave. in Paranaque at a cost of between P500 million to P1 billion to support and cater to businesses within the main airport hub. – Conrado Diaz Jr.