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Manila Bulletin devider Business devider URC sells 40% of Oceania unit

URC sells 40% of Oceania unit

Published Jul 8, 2019 12:00 am
By James A. Loyola Universal Robina Corporation (URC), the food and beverage unit of the Gokongwei Group, has sold 40 percent stake in its Oceania business to a strategic partner to boost its presence in the Oceania region. URC logo (Photo courtesy of www2.urc.com.ph) URC logo
Credit: www2.urc.com.ph / MANILA BULLETIN In a disclosure to the Philippine Stock Exchange, the firm said 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 percent stake in URC’s consolidated businesses in Australia and New Zealand. “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,” said URC without disclosing the value of the transaction. URC said, “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,” it added. 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 savory 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 first or second in terms of market shares.
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