DAVAO CITY — Wellmade Manufacturing Corp. sees the expansion of its condiment business in the Visayas and Mindanao adding about 20% to its revenues next year.
In a press conference here on Tuesday, Joseph Charles B. Cruel, managing director of Wellmade, maker of Select soy sauce and vinegar, said the company is confident that its revenue stream in the Visayas and Mindanao will eventually expand as the company targets to widen its brand’s market.
“The double-digit growth will actually be driven by Vis-Min (Visayas-Mindanao) markets, they being still untapped,” Mr. Cruel said, adding that there is a big void in the market can be filled by its products as the lowest market segment is still very big. “We pride ourselves of quality products as we make them affordable.”
The official said has no plans to put up manufacturing plants in the Visayas or Mindanao at the moment as its Luzon manufacturing plant has not even breached its 80% capacity, he said.
He declined to disclose annual volume production, with the company being privately held.
Mr. Cruel said among the key plans of the company is to conduct an initial public offering when it is ready to expand.
“That (listing in the stock market) really is part of the long-term plan,” he said.
The official said the company will sign a licensing agreement with an American company next month to expand its product offerings.
While he did not disclose the product, Mr. Cruel said it is already being sold here.
“Our potential is actually huge,” he said, adding that the company is currently in discussions with another foreign company for a culinary product that it will launch early next year.
Wellmade started operating in 1958 with its homecare products including detergent and bleach. It launched its Select condiments brand in 1975 and concentrated its distribution in Luzon.
In 2000, the company consolidated its businesses and last year, it professionalized its system with the hiring of Mr. Cruel, the first managing director that is not a family member, and automated with the use of SAP software.
It initially wanted to focus on expanding in Luzon, but now that it has enough flexibility to find new markets, Wellmade has decided to expand its reach, Mr. Cruel said, as it has also started exporting its products to the Middle East, particularly Saudi Arabia and Dubai. — Carmelito Q. Francisco
