Snack Brands acquired by Philippines food and beverage giant
Snack Brands, the owner of CC’s, Cheezels and numerous other chip brands, has been acquired by Philippines consumer food and beverage company, Universal Robina Corporation (URC).
URC is listed on the Philippine Stock Exchange and is currently trying to expand into Australia and different regions of South East Asia.
According to Snack Brands, URC is hoping to gain marketing advantage with Australian manufactured products and will keep Snack Brands as an independent operation with management and manufacturing jobs retained.
The acquisition is still subject to approval of the Foreign Investment Review Board.
No job losses from acquisition
Snack Brands Chief Executive Officer, Paul Musgrave, said the acquisition was a positive one for the business and its people.
“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,” Musgrave said.
“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,” Musgrave stated.
Snack Brands manufacture potato and corn chips sold in Australian supermarkets including CC’s, Cheezels, Thins, Kettle, The Natural Chip Company, Samboy and French Fries.