D&L INDUSTRIES, Inc. is developing new products and considering new industries for product expansion, its top official said on Monday.
“We do have a lot of new plans and new industries that we are targeting… but they are still very new,” said D&L President and Chief Executive Officer Alvin D. Lao in a media briefing.
Mr. Lao declined to disclose the products being developed by the company, saying its competitors might copy them.
“We are always exploring new products and new industries, and our [research and development] is very busy because they are constantly coming up with new formulations and solutions for our customers,” he added.
Also on Monday, the company’s board of directors appointed former National Economic and Development Authority (NEDA) Director-General Karl Kendrick T. Chua as its new independent director.
“He brings a fresh perspective with his distinguished experience as an economist, working for the World Bank for over a decade and serving the government in various strategic leadership roles thereafter,” Mr. Lao said in a statement.
“With independent directors continuing to hold a majority of our Board, the company remains committed to upholding good governance and transparency,” he added.
Mr. Chua was previously with the World Bank as an economist, NEDA secretary, and undersecretary for strategy, economics, and results at the Department of Finance.
Meanwhile, the company declared a cash dividend of P0.30 per share, which consists of a regular cash dividend of P0.24 per share and a special cash dividend of P0.06 per share, to shareholders of record as of June 20.
The company’s dividends for the year amount to P2.14 billion, up 25% from the P1.71 billion issued the previous year.
D&L Industries is engaged in product customization and specialization for industries such as food, chemicals, plastics, and consumer product original design manufacturing.
The company’s principal business activities include manufacturing of customized food ingredients, specialty raw materials for plastics, and oleochemicals for personal and home care use.
On Monday, its shares rose by 2.29% or 16 centavos to P7.15 apiece. — Adrian H. Halili
