Philippine Food Giant Buys Australian Snack Maker

Philippine food giant buys Australian snack maker

MANILA,(Pakistan Point News - APP - 17th Augst,2016) : Philippine food giant Universal Robina Corp said Wednesday 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.