Alaska Milk products were first manufactured in the Philippines in 1972 through Holland Milk Products, Inc. (HOMPI), a partnership between AMC's former parent company, General Milling Corporation (GMC), an industrial foods company with interests in flour, feed and soy bean milling, and a Dutch dairy company, Holland Canned Milk International B.V. HOMPI initially manufactured liquid canned filled milk products, (evaporated and sweetened condensed milk) and eventually expanded to manufacture powdered filled milk and UHT milk products division up until AMC's spin-off and incorporation as a separate and independent corporate entity in 1994. It was also a time when the company embarked on a major expansion program which prompted the company to tap the capital markets through an initial public offering (IPO) to raise funds for the capacity expansion of its powdered milk facilities. Alaska Milk shares were listed in the Philippine Stock Exchange in 1995. Post-IPO, GMC held 66% of AMC while 34% was left in free float to the public. In mid-1997, however, GMC transfered its 66% ownership in AMC to individual shareholders of GMC through a property dividend, thus fully divesting its interest in AMC and enabling management to consolidate and focus its efforts in pursuing AMC's interests in the consumer foods industry. Currently, management and strategic partner Campina Melkunie hold 56% while 44% is in public free float.

For over thirty years, AMC has emerged as one of only two major players in the Philippine milk industry, consistently maintaining brand leadership in the liquid canned milk category and holding a strong and growing position in powdered milk. It has also expanded into higher value-added milk products, particularly in UHT/Ready-to-Drink milk category.