Snack Brands Australia to be acquired by Universal Robina Corporation of the Phillipines

Universal Robina Corporation (URC), one of the largest branded consumer food and beverage product companies in the Philippines, is to buy Snack Brands Australia, according to a Snack Brands Australia statement dated August 17.

The acquisition is subject to approval by the Foreign Investment Review Board.

URC is listed on the Philippine Stock Exchange and has a significant and growing presence in ASEAN markets. URCs plan is to add to this, the marketing advantage of Australian manufactured product. Consequently, URC’s intention is to enable Snack Brands to continue as an independent operation, with management and manufacturing jobs retained.

According to Snack Brands Australia Chief Executive Officer, Mr Paul Musgrave, the URC acquisition was a growth oriented transaction which was positive for the business and its people.

Paul Musgrave, CEO Snack Brands Australia:
 

“What this achieves for the business is to take Australian manufactured product, with its distinct food security advantage, into Asian markets with the benefit of an established distribution force.”

“It means there are no intended job losses but instead a stronger growth path with a new partner and the prospects of adding new URC product categories from New Zealand to our local markets. It is also expected to be a positive for many of Snack Brands suppliers such as potato and corn growers.”

Snack Brands is a manufacturer of potato and corn chips for the grocery trade in Australia.

Advisers to Snack Brands in this transaction have been corporate advisory firm Intrinsic Partners and law firm, King & Wood Mallesons.