A CASE STUDY

2011

Berenguel, Carmilyn

Ponciano, RizaBS Acc 3-1

Monterey Foods Corporation

Cavite Meat Plant

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

Monterey Foods CorporationCavite Meat Plant

THE COMPANY

Overview

onterey Food Corporation is a renowned and trusted producer of superior quality meat

products that follows international standards of food safety and quality management. It is one

of the companies included in the portfolio of San Miguel-Purefoods Co. Inc. which is a subsidiary of the

San Miguel Corporation, the “largest publicly listed food, beverage, and packaging company in the

Philippines”. It has been noted as one of the most formidable brands in the Philippine food industry

alongside Magnolia and Purefoods. From being a cattle ranch based in Isabela, Monterey has become

the “largest hog-breeding, hog growing, and cattle fattening operations in the country today”.

M

Executive Summary

Industry: Livestock Farming, Processing and Selling of Meat Products

“For more than 38 years of operation, the company has almost 300 farms all over the Philippines –

owned and contracted, more than 30 which are hog-breeding farms, 11 off-site nursery stations, and

more than 250 growing facilities.” The original breeding farm still exists in Isabela, with the feedlots

located at Pampanga, Laguna and South Cotabato.

Brief History

The corporation, formerly known as Monterey Farms Corporation, started at 1,200 hectares cattle

ranch located at Cauayan, Isabela in 1969. It had its humble beginning until the San Miguel Corporation

decided to include it as one of their subsidiaries. As the San Miguel Corporation seek out growth and

expansion, it acquired Ayala’s Purefoods-Hormel Company forming a new subsidiary – the San Miguel-

Purefoods Co. Inc. Monterey is then held / grouped in its portfolio alongside those who are also included

as some of the toughest competitors in the Philippine food industry such as Purefoods-Hormel Co. Inc.,

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

Magnolia, and San Miguel Mills Inc. From then on, it has become a household name for quality meat

products, and is considered as having the country’s largest hog and cattle operations.

Mission

Stated below is the corporate mission of Monterey Foods Corporation:

“We are committed to:

Produce and supply basic meat products that will consistently fulfill applicable regulatory and

satisfy customer requirements.

Delight our own customers with timely, reliable and responsive services that are attuned to their

dynamic needs.

Develop skilled, empowered, motivated employees through different interventions and by

providing a balanced work of life.

Create and manipulate win-win relationship with our business partners and provide

opportunities for mutual growth

Practice social responsibility in the community where we operate by

Employing environment-friendly practices and consistently complying to all relevant

laws and regulations

Participating in community relations program”

Vision

Monterey Foods Corporation envisions being the:

“world-class abattoir and deboning facility fully utilizing appropriate state of the art technology

and process”

“preferred supplier of quality, fresh, clean, and sale meats in the Philippines”

Values

In the pursuit and performance of these objectives, we shall espouse and live by these values:

Sense of ownership

Customer orientation

Respect for self and others

Integrity

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

Passion for quality, food safety and excellence

Teamwork

Innovations

Social responsibility

COMPANY STANDING

From a simple farm to being a subsidiary of one of the largest companies in the Philippines, it’s not

difficult to penetrate the market and gain its top spot. Considering its parent’s reputation, Monterey can

be considered to be living in its standing. For almost thirty eight (38) years of operation, “Monterey

meat products already became a part of the everyday Filipino Life”.

FINANCIAL PERFORMANCE

The following are actual excerpts from the submitted Consolidated Financial Report of San Miguel

Corporation for public viewing in PSE (http://www.pse.com.ph/):

Monterey is a 97.68%-owned subsidiary of SMPFC.

In April 2009, Monterey acquired the subscription rights of certain individuals in High breed

Livestock Corporation (HLC), a company that is also engaged in the same line of business as that

of Monterey. HLC thereafter became a subsidiary of Monterey. In June 2009, HLC was merged

into Monterey, with Monterey as the surviving entity. The consideration of the assignment of

the subscription, net of the effect of the merger, amounted to P6.25 million. The SEC approved

the merger on October 22, 2009. The BIR confirmed the tax-free merger of HLC into MFC in its

certification No. S40-052-2009.

The Monterey business posted a significant improvement from 2008’s losses owing to cost

reduction initiatives, operational efficiency, improvements and cost breaks in raw materials.

Sales revenue rose 15% higher than 2008 at P7, 303 million.

With more than 166 Monterey Neighborhood Meat shops and 250 Monterey Supermarket Meat

shops, the business continued to expand distribution and widen product availability, which

helped in driving sales.

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

Nine more Monterey Meat shop outlets were opened in 2008 with sales volume rising

phenomenally every month. As of December 31, 2008, there are 14 Monterey meat shops in

Vietnam that are performing well.

Noncurrent biological assets increased by 38% to P1,814 million due to the start of operations of

the Sumilao farm in 2008 and the increase in volume of Monterey and Poultry’s breeding stocks

coupled with higher growing costs

PRODUCT AND SERVICE DESIGN

Monterey offers a wide variety of products under the meat category. It supplies quality-grown beef,

pork, and lamb meats. The whole list products offered by the company can be seen at Appendix D. The

company can easily be reached for it extends its business from meat plants, to meat shops which are

strategically placed to various places in the country which will be discussed later on.

FIGURE 1PRODUCE AND DELIVER PROCESS

“From the farm, freshness is locked through an advanced chilling process and checked by the National

Meat Inspection Services. From the farm to the market.... Just in time for a meal.” – from a monterey

advertisement

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

“WHY CONSUMERS CHOOSE MONTEREY

Guaranteed Fresh, Guaranteed Disease-Free Monterey meats are chilled via a unique,

advanced blast-chilling process right after slaughter. This neutralizes bacterial growth

and ensures that freshness is locked in. Monterey meats are also checked daily by the

National Meat Inspection Commission to guarantee that it is foot-and-mouth disease-

free.

Leaner Meats Monterey hogs and cattle are Grade-A imported breeds subjected to strict

growing and feeding practices – for leaner, higher quality meats.

Improved Tenderness At Monterey, hogs and cattle are handled with much care – from

breeding up to slaughtering and storage. Its animals are rested just prior to processing

to prevent muscles from becoming tough due to stress. This procedure helps improve

meat tenderness.

Availability and Convenience Monterey meats are made available to consumers via a

nationwide distribution network of Monterey Meatshops in many neighborhoods and

major supermarkets. For added convenience, Monterey Neighborhood Meatshops offer

Free Delivery Service.”

-http://www.giuseppesresto.com/

Since Monterey is dedicated to total quality, their meat products are delivered by “refrigerated

Monterey trucks” and are available in a variety of Monterey outlets be it Monterey meat shops, in

supermarkets, or in Monterey satellite outlets. As it follows the “farm to market” concept, the

consumers are “assured of quality meats in every meal”.

QUALITY

In over to withstand the competition, a company must possess the guts to stay in the market without

sacrificing the quality of service or the products that it provides to its consumers. Monterey is

committed to Total Quality Management; in fact, its Cavite Meat Plant met the requirements of the

International Organization for Standard (ISO), an international standard-setting body, and achieved the

ISO 9001:2000 Certificate for slaughter, production and delivery of meat products, and sale of live hogs

and cattle. It is the very “first ISO 9001:2000 certified slaughter and boning facility in the Philippines”.

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

The Monterey Meat Plants operate under a quality policy

stated below:

“Monterey Quality Policy

Monterey Cavite Meat Plant is committed to

significantly contribute to the over-all business

excellence of Monterey Foods Corporation and

SMPFC, Inc.;

To adhere to the principles of SMC’s Corporate

Quality Policy;

And to adhere to the principles of SMPFC, Inc

Food Safety Policy, by:

Producing and delivering safe quality products and services that consistently secure the

loyalty and patronage and enhance the satisfaction of our customers

Creating and maintaining a work environment where employees can excel to the best of

their abilities and where quality and food safety is a way of life; and

Providing mutual growth opportunities and positively enhancing relations with our

stockholders.”

We have a system that defines product / service quality and food safety requirements, measures

performance against quality objectives; and assures continuous improvement.

We are a living testament to San Miguel’s tradition of being the “Home of Quality Products and People”.

The ISO certification award simply expresses the company’s commitment to providing customer

satisfaction and delight by delivering quality products and services.

The company also operates with “Cold Chain Management”, a management system which utilizes “cold-

chain” or a temperature-controlled supply chain. “Monterey meat have gone through an advanced

blast-chilling process right after slaughter so bacterial growth is neutralized and freshness and nutrition

is locked in.

FIGURE 2 ISO LOGO FOR SYSTEM CERTIFICATION

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

COLD CHAIN MANAGEMENT

Benefits:

Preserve freshness of meat products

Maintain good quality

Longer shelf life

Minimize spoilage

Increase revenue

A. Working Area

Installed plastic curtain in room entrances

Keep the door closed when not in use.

B. Delivery Van:

Maintain the reefer van temperature at 4 degrees Celsius and below.

INVENTORY MANAGEMENT

Monterey has been producing its own supplies ever since. From the time it started as a humble ranch,

they’re doing it the traditional way. And as the use of technology became highly demanded, Monterey

was able to adapt. Today, “Monterey had been dynamically performing 100% artificial insemination to

the swine breeding herd” to increase the efficiency of its production to respond to the growing demand

of its consumers.

The ration given to the hogs all the time are being provided or supplied by B-Meg, a sister-company and

also a subsidiary of the San Miguel Corporation. B-Meg guarantees that the ration given to the hogs are

freshly-mixed coming from different owned and managed feed mills around the country. Growth of the

hogs is being promoted by using advanced technological facilities, thus having shorter days to market.

“Purchase of biological, supplements, diagnostic kits, and chemotherapeutics” are only made on reliable

suppliers and manufacturers to “consistently ensure product quality and safety”. Peak Season for

production would start from October continuing up to December, every year.

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

FACILITIES AND MAINTENANCE

Monterey extends to various lines of business incidental to its production: from farms and meat plants,

to meat shops and retail franchises - Each of which are strategically placed in various places in the

Philippines.

The very first Monterey farm was located in Isabela before it was acquired by the San Miguel

Corporation as its subsidiary. And after 38 years of operation, it has expanded to 300 farms all over the

Philippines.

Monterey allows partnerships though Hog Contract Growing which requires some qualification for site

locations:

“SITE QUALIFICATIONS

CAPACITY: 400-5000 heads

Location:

Region 1: (Pangasinan, Ilocos)

Region 2: (Isabela)

Region 3: (Zambales, Bataan, Bulacan, Tarlac, Nueva Ecija, Pampanga)

Region 4: (Batangas, Laguna, Quezon, Cavite)

Region 5: (Camarines Sur, Albay)

Region 6: (Iloilo)

*Within the agricultural zone of the community

*1 km. away from the nearest built up residential areas and farms

Locations must have:

*Abundant source of potable water

*Reliable source of ELECTRICITY

*An all weather ROAD, for 6-wheeler trucks

*Good PEACE and ORDER”

Strict compliance with these qualifications is required to perfect the contract along with other

requirements that are specifically requested by the company. And these very qualities are what makes

the company excel among others – it strictly follows protocol.

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

Also noted for its excellence is the Cavite Meat Plant of Monterey, which is the first ISO Certified

Slaughterhouse in the Philippines, alongside being the first HACCP Slaughter plant (“HACCP or Hazard

Analysis Critical Control Point is a systematic preventive approach to food safety and pharmaceutical

safety that addresses physical, chemical, and biological hazards as a means of preventions rather than

finished product inspection.”).

Monterey Cavite Meat Plant

General Information

Established in August 8, 1988

Accredited “AAA” Slaughterhouse by the National Meat Inspection Service

Total Land Area of 6.5 hectares

Total covered are of approximately 6, 800 square meters

Nurseries and growing facilities are used to manage the growth of the animals. “State-of-the-art

facilities” are also employed to improve the efficiency of processing and production. Example of which is

the use “climate-controlled housing system”.

Franchising also allowed Monterey to expand its

business quickly. In 1990, the company started with

only 4 meat shops. (See Appendix F for Present

Monterey Outlets at Cavite, Southern Luzon Area)

Due to its high-quality products and services, it has

gained continuing patronage of many Filipino

consumers. The number of franchiser increased over

the years increased rapidly making it the largest

meat supplying company in the country. Today,

Monterey’s franchised meat shops can be found all

over the country, even inside major retail stores and

supermarkets.

Each meat shop are “stand-alone” outlet which

delivers a variety of meat products (list of products can

be found at Appendix D) and are equipped “modern

FIGURE 3AN EXAMPLE OF FACILITY MAINTAINED BY MONTEREY OUTLETS. FRANCHISE BY

GUISEPPE'S MONTEREY MEATSHOP

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

fabrication equipment and display showcase” alongside advanced refrigeration. Each outlet is manned a

crew of butchers and merchandisers as well which are trained by the company school itself, the

Monterey Meat School, in order to deliver quality, courteous, and efficient service.

HUMAN RESOURCE AND LABOR RELATIONS

One of the Mission of Monterey is to “Develop skilled, empowered, motivated employees through

different interventions and by providing a balanced work of life”. Upon interview of several employees of

the company, it can be concluded that they are quite satisfied with how the company handles and

supports its labor force. Predictably, the basic compensation is given along with common benefits.

Certain allowances are additionally given such as uniform allowances and insurance, and a 5-day

additional incentive to be added to their 13 th month pays. Occasionally, the company also gives rewards

for employee accomplishments which motivate employees to continue doing quality service.

In order to maintain its quality standard, Monterey decided to put up a school, the Monterey Meat

School, designed to train its employees in achieving excellence in providing quality service. Only trained

and experienced technical personnel are trusted to handle the “macro and micro-operations of the

company”. Also, “experts in the fields of swine and cattle breeding, nutrition, health, and diagnostics,

husbandry, research and recording systems” are employed to ensure high-class processing and

production. They are attending “various local, national, and international hog trainings and conventions”

in order to expand their knowledge in their fields and help integrate the company’s operations. Hence,

Monterey has become the “first and leading swine integrator in the Philippines”.

SOCIAL RESPONSIBILITY

Monterey also organized several campaigns to “underscore the brand’s commitment to corporate

responsibility” following the steps of its parent company, the San Miguel Corporation. Included in some

of the programs organized by the company alongside other subsidiaries of SMC in terms of fulfillment of

its social responsibility is the “Buy for Bicol” Program. In celebration of the meat company’s 38th

anniversary, Monterey along with Magnolia Chicken, organized a fund raising activity which was

attended by several high officers of the said company. “Buy for Bicol was a 2-week campaign that served

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

as a means for Pinoys to help fellow Pinoys devastated by typhoon Reming.” For every purchase of

selected products of Monterey and Magnolia, P5.00 was donated for the relief and rehabilitation of the

Bicol Region through the San Miguel Corporation.

Monterey is also associated with the San Miguel Foundation, Inc. who also crafted various programs and

projects that addresses social issues.

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

APPENDIX AMonterey Foods Corporation

Corporate Logo

Company Slogan

Source:

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

http://www.monterey.com.ph/

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

APPENDIX BCavite Meat Plant

1.Lairage

2.Hog Line

3.Cattle Line

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

4.Chillers

5.Fabrication

6.Logistics

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

Source:

http://www.monterey.com.ph/monterey_meat_plant.html

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

APPENDIX CCavite Meat Plan – Awards and Recognitions

1999 – Cleanest AAA Slaughterhouse

2000 to 2003 – Best AAA Slaughterhouse

2003 - Hall of Fame Award

2004 – Seal of Excellence Award

2005 – Seal of Excellence Award

2006 – Seal of Excellence Award

2003 – HACCP for Chilled pork and beef

carcass

1ST HACCP Certified Slaughterhouse

ISO 9001:2000 Certification

Monterey Cavite Meat Plant is the very first ISO 9001:2000 Certified Slaughter and boning facility in the Philippines

Source:

http://www.monterey.com.ph/monterey_meat_plant.html

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

APPENDIX DList of Products

Beef

TenderloinTenderloin SteakTenderloin TipsStriploinNewYork CutStriploin RoastRib EyeRib Eye SteakRib eye RoastRib eye SukiyakiPorterhouseT-bonePrime Rib steakRib RoastRib PrimalSirloinSirloin RoastRoast BeefSukiyaki CutBreakfast SteakFilipino Beef Steak

Beef StroganoffFlank SteakMechadoKalitiranMorcon SliceTop Round RoundRound Bottom RoundEye RoundShinBeef CubesBrisket B/LGround RoundGround BeefCamtoChuck Rib SteakBBQ SteakBack RibShort RibsShankBeef NeckKaldereta Cut

Beef – Others

Ox TougueOx Tail (Skinless)Ox TailOx Tripe localOx Tripe imptd.Ox FaceOx Feet

Kare-kare CutOx LiverKnee CapBeef SawdustBeef BonesBone Marrow

Beef Timplados

Ox TougueOx Tail (Skinless)Ox TailOx Tripe localOx Tripe imptd.Ox FaceOx Feet

Kare-kare CutOx LiverKnee CapBeef SawdustBeef BonesBone Marrow

Pork

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

TenderloinPork Tenderloin TipsPork SukiyakiButterfly CutPork CutletsBoneless PorkchopCountry StyleBacon SlicePork SteakPorkloin ChopMenudo CutPork CubesAdobo CutSinigang CutLean Ground PorkGround PorkPata SlicePork Hock

Baby Back RibsAmerican Style RibRoast PorkCrown RoastPigue (Skin-On)Pigue (Skinless, Boneless)Kasim (Skin-On)Kasim (Skinless, Boneless)Pork Belly (Skin-On, Bone-In)Porkchop (Skin-On)Porkchop (Skinless)Rib ShoulderPata FrontPata HindPig TailPork ShankPork Kare Kare CutPork Paksiw Cut

Pork – Others

Pork SauteSkinBack FatPork BonesHog HeadPig's Feet

TampalenPork SawdustPork LiverPork BopisBoneless Head

Pork Timplados

Filipino BaconBreaded PorkchopBreaded PorkstripsLonganisa RecadoLonganisa HamonadoPork TocinoPork TapaPork KoreanPork TeriyakiKorean BBQ ChopsSmoked ChopsSmoked BaconPork BBQ skeweredPork BBQ steak

Pork BBQ slicePork BBQ Bback RibsMarinated/BBQ BellyHawaiian RoastShanghai MixLumpiang ShanghaiSpecial SisigPata TimEmbutidoBola BolaHumbaSkinless ChorizoInternational Sausages (Hungarian Sausage, Spicy Hungarian Sausage, Spicy Sausage, Italian Sausage, Spanish Sausage and Chinese Sausage)

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

Lamb

Lamb ChopsLamb StewLamb ShankLamb Leg

Lamb RackMidloin ChopsRoast LambRib of Lamb

Lamb Timplados

Lamb BBQ ChopsHoney Glazed Lamb ChopsPremium Lamb Burger

Lamb TapaBBQ skewered Lamb

Source:

http://www.monterey.com.ph/products.html

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

APPENDIX EBasic Products with Corresponding Prices

Pork

CUTS

PorkchopLiempoKasimPork cubesPork cutletsPata frontPata HindRib Shoulders

PRICE (per kilo)

191209191216216155145176

Beef

CUTS

Beef cubesBeef shankBeef ShirloinStroganoffBrisketButterfly cutCanato

PRICE (per kilo)

286270434387282216277

Others

CUTS

PorkchopLiempoKasimPork cubesPork cutletsPata frontPata HindRib Shoulders

PRICE (per kilo)

191209191216216155145176

Source:

Monterey Meat Shop – Cavite Meat Plant

APPENDIX FList of Outlets

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

South Luzon Area – Cavite

Trade Name Address Lets Meat Here Meatshop

# 103 Don Placido Campos ave. Dasmariñas, Cavite

Meatfull Meatshop Cityoil Compound, Governor's Drive, General Mariano Alvarez, CaviteWell Done Inc. JP Rizal st., Silang, CavitePPMMC Monterey Meat Plant, Brgy. Langkaan, Dasmariñas, CaviteSouthmart Corp 324 Nueno st., Imus, CaviteLets Meat Here Meatshop II

G/F CMJ Bldg 315 Street Molino Bacoor

Meatfull Meatshop 2

Olivarez Plaza Tagaytay City

Ricardo A. Pelejo Jr Meatshop

L-Paseo Arcade Indang Trece Road cor Governor's Drive Trece Martires Cavite

Golden Egg 305 P Burgos Ave. Caridad Cavite CityInfinity Meatshop Bautista Arcade, Brgy. Samala Binakayan, Kawit CaviteEtruiste Meatshop 25 Hawaii St. Camella Homes Salinas 4 Bacoor CaviteAshrielle Enterprise WEE Bldg. Crisanto delos Reyes Ave., near Gov't Drive Manggahan General TriasInfinity 18 Enterprise

Zapote Bacoor Public Market Bacoor Cavite

VDU'S Meatshop Apt C Daang Amaya Tanza CaviteCBJI Enterprises General Trias st. Silanganan 2, Rosario Cavite

Nicole and Nikko Buenavista Building Lot 31 Block 55 Golden Miles Highway Brgy. Salawag Dasmariñas

RFAR Enterprise Captain C. Nazareno St. Naic, CaviteMeatfull 3 Crossing Mendez Tagaytay City

Source:

http://www.monterey.com.ph/locator_cavite.html

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11

BIBLIOGRAPHY

Monterey Foods Corporation – Cavite Meat Plant

“Cold-Chain”. http://en.wikipedia.org/wiki/Cold_chain. Retrieved March 23, 2011.

“Hazard Analysis and Critical Control Points”. http://en.wikipedia.org/wiki/Hazard_Analysis_and_Criti cal_ Con trol_Points. Retrieved March 23, 2011.

“International Organization for Standard”. http://en.wikipedia.org/wiki/International_Organization_for_ Standardization. Retrieved March 22, 20011.

“Monterey Cavite Meatplant”. http://www.monterey.com.ph/monterey_meat_plant.html. March 22, 2011.

“Monterey Foos Corporation - Live Production”. http://www.monterey.com.ph/monterey_farms 01.html. Retrieved March 23, 2011.

“Monterey Foods Corporation”. http://en.wikipilipinas.org/index.php?title=Monterey_Foods_Corpo ration. Retrieved March 21, 2011.

“Monterey highlights employee volunteerism in anniversary rites.” http://www.mb.com.ph/node/5868. Published February 5, 2007. Retrieved March 23, 2011.

“Monterey Hog Contract Growing Business”. http://sanmiguelpurefoods.com/?p=165. Retrieved March 21, 2011.

“Montery Meat shop”. http://www.monterey.com.ph/store_locator.html. Retrieved March 23, 2011.

“Monterey Story, The”. http://www.monterey.com.ph/profile.html. March 21, 2011.

“San Miguel Corporation”. http://en.wikipedia.org/wiki/San_Miguel_Corporation. Retrieved March 21, 2011.

“San Miguel Corporation - Annual Report (Consolidated Financial Report)”. http://www.pse.com.ph/ html/ListedCompanies/ pdf/2010/SMC_A17A_Dec2009.pdf. Retrieved March 23, 2011.

“Why Consumer Choose Monterey”. http://www.giuseppesresto.com/monterey/index.html. Retrieved March 23, 2011.

1

Mon

tere

y F

ood

s C

orp

ora

tion |

3/1

/20

11