Philippine food giant buys Australian snack maker

AFP, MANILA: Philippine food giant Universal Robina Corp said yesterday it would buy Snack Brands Australia for US$460 million, the latest big deal in a global shopping spree by Filipino firms reflecting the nation’s economic rise.
URC said it had sealed an agreement to buy the Australian company—maker of popular local brands including Kettles, Thins, CC’s and Cheezels—for Aus$600 million ($460 million) as part of its ambitions to expand throughout the Asia-Pacific.
“With this acquisition, URC plans to create a wider footprint in Oceania with (Snack Brands) providing a solid anchor in the highly competitive Australian...  market,” chief executive officer Lance Gokongwei said in the statement.
Snack Brands was described in the statement as the second largest producer of salty snacks in Australia, and on its website said it made 200 million packets a year.
URC is one of the largest food and beverage companies in the Philippines and has a market capitalisation of US$9 billion.
It already has a large presence in Southeast Asian markets and in 2014 it bought 150-year-old New Zealand snack company Griffin’s for NZ$700 million (US$610 million).
Fuelled by one of the fastest-growing economies in Asia, a host of cashed-up Filipino companies have in recent years embarked on global expansion plans that analysts say are the biggest ever seen from the Philippines.

Philippine food giant buys Australian snack maker

AFP, MANILA: Philippine food giant Universal Robina Corp said yesterday it would buy Snack Brands Australia for US$460 million, the latest big deal in a global shopping spree by Filipino firms reflecting the nations economic rise. URC said it had sealed an agreement to buy the Australian companymaker of popular local brands including Kettles, Thins,CCs and Cheezelsfor Aus$600 million ($460 million) as part of its ambitions to expand throughout the Asia-Pacific. With this acquisition, URC plans to create awider footprint in Oceania with (Snack Brands) providing a solid anchor inthe highly competitive Australian... market, chief executive officer Lance Gokongwei said in thestatement. Snack Brands was described in the statement as the second largest producer of salty snacks in Australia, and on its website saidit made 200 million packets a year. URC is one of the largest food and beverage companies in the Philippines and has a market capitalisation of US$9 billion. It already has a large presence in Southeast Asian markets and in 2014 it bought 150-year-old New Zealand snack company Griffins for NZ$700 million (US$610 million). Fuelled by one of the fastest-growing economies in Asia, a host of cashed-up Filipino companies have in recent years embarked on global expansion plansthat analysts say are the biggest ever seen from the Philippines.