Philippine Stock Exchange-listed conglomerate Universal Robina Corporation (URC), through its wholly owned BVI subsidiary URC Oceania Company Limited, has entered into a strategic partnership with Europe-based Intersnack Group to boost its operations in the Oceania snack food market.
The respective Board of Directors of URC Oceania and Intersnack approved the former’s sale and the latter’s acquisition of 40% stake in URC’s consolidated businesses in Australia and New Zealand, according to the disclosure.
The consideration for the transaction will be a mix of cash and shares of Yarra Valley Snack Foods Pty. Ltd, Intersnack’s natural snack food unit in Australia.
Leveraging on URC and Intersnack’s know-how from their respective markets will yield best practices in manufacturing, supply chain and sustainability practices, setting the groundwork for an even larger and more efficient Oceania operations.
Through this transaction, URC monetizes some of the synergies it has generated from its early investments in Australia and New Zealand, while still retaining control and its ability to further create value within and beyond ANZ.
This transaction is intended to be completed once the necessary approvals are obtained from the Australian Foreign Investment Review Board and New Zealand Overseas Investment Office.
The privately-owned Intersnack Group is a European business with operations in 24 countries. The company has built an extensive product portfolio of savoury snacks including potato and tortilla chips, puffed and other corn snacks, baked products, popcorn and nuts, and presently holds a leading position in all markets mostly ranking #1 or #2 in terms of market shares.
Today, Intersnack generates about $US 3.0bn (Php158.6bn) in net sales across Europe. In Australia, Intersnack’s presence is currently limited to Yarra Valley, a market leader in better-for-you, organic and gluten free snacks. – TravelNews.ph