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Chemphil Group
 

 

On March 31, 1993 Perfumeria Española Corp. (PEC) was established under a joint venture partnership agreement between the Chemical Industries of the Philippines, Inc. (CIP) and the PERFUMERIA GAL, S. A. of Spain to bring the full range of GAL's personal care products to the Philippines.

Founded in Spain by Echandia Gal and S.D. Vicuña in 1895, the GAL is particularly known for its Heno de Pravia line of products, although the company also manufactures the equally prestigious brands such as "Lavanda Inglesa" cologne, "Nelia" and "Spring Glory" soaps, gels and shampoos; "Farala", "Agatha" and "Plaisir" eaux de cologne for women, and the "Titto Bluni" fragrances for men.

In the beginning of 2008, the Management of Perfumeria GAL S. A. (GAL), the joint venture of CIP in PEC, decided to cease all its business activities in the Philippines and Asia and to focus mainly on its business operations in Europe and in the US. In the Special Board Meeting held on May 26, 2008, GAL made an offer to CIP to sell to CIP the entire 51% shareholdings of GAL in PEC and for CIP to exercise its Right of First Refusal. CIP Board, however, decided to decline this offer since CIP Board is of the opinion that the Personal Care Products business is not a core business of the Chemphil Group. GAL's shares were then offered to a group of private business individuals. Sale to the said private individuals became effective on June 27, 2009.

Further, in the Board Meeting of CIP held on November 25, 2008, the CIP Board approved the sale of the entire CIP shares of 49% in PEC to the same set of private business individuals subject to certain terms and conditions.

Upon fulfillment of the said terms and conditions, PEC will cease to be an affiliate company under the umbrella of the Chemphil Group.

Last Update : 17 November 2009