Philippines’ URC to Acquire Australian Snack Brand for $460M
Universal Robina Corp. agreed to acquire 100% of Consolidated Snacks Pty Ltd., which trades under the brand name Snackbrands Australia, The Philippine Star reported.
The two companies signed a deal that has already gained approval from both parties’ boards, according to URC. The Philippine company plans to use the transaction, which still requires approval by the Australian Foreign Investment Review Board, as a way to expand its presence in Oceania. Snackbrands Australia. The transaction is expected to close on Sept. 30, 2016.
Snackbrands Australia CEO Paul Musgrave said in a statement that the acquisition focuses on growth, which is a good thing for the company and the public. It also enables the snack company to promote its business in Asian markets, as Australia is known for distinct food safety record, Musgrave added.
According to Australian Institute of Accreditation, a food handling certificate serves as one of many ways on how the country ensures quality and safety. Apart from gaining better knowledge on food security, URC’s acquisition will allow it to develop its business strategies, URC CEO Lance Gokongwei said.
Given Snackbrands Australia’s market share, URC could really take advantage of the acquisition for enhancing its global footprint. According to its website, 74% of Australian households buy at least one of Snackbrands Australia’s products every year.
Potato chips and popcorn seem tempting most of the time, but Australian food isn’t only limited to its salty snacks. Heading into 2017, Gourmet Traveller chose Momofuku Seiobo in Sydney as the best restaurant in Australia. If you want the services of the best chef in the country, the magazine awarded the title to Ben Shewry who works for Attica in Melbourne.
For wine lovers, the publication gave its top recommendation to Sydney-based Restaurant Hubert’s wine list as the best for next year, although it gave the Sommelier of the Year title to Dan Sharp, who works for Sixpenny in Sydney.