Jollibee Food Corp to accelerate expansion in China, US
The company is on track to double its profit in the five years through 2019.
According to Bloomberg, Jollibee Food Corp. is looking for acquisitions to accelerate ambitious expansion plans in the U.S. and China.
President Ernesto Tanmantiong said that the acquisition of new businesses is part of the company's growth strategy, and over the last few years, it has been entertaining opportunities.
The company envisions half of its sales to come from overseas in five to seven years, with China and the U.S. being the key markets, according to Tanmantiong. Yet those plans may be complicated by territorial disputes with China over islands in the South China Sea.
Jollibee generated 21% of its 113.9 billion pesos in revenue overseas last year, according to data compiled by Bloomberg. When Smashburger is included, that segment increases to 30 percent, according to the company.
