Philippine snacks and beverage manufacturer Universal Robina Corp said on Wednesday it is buying the maker of Snack Brands Australia (SBA) for A$600 million ($460.86 million), expanding its portfolio in the Oceania region.
Universal Robina said its subsidiary URC International Co Ltd will buy 100 percent of Consolidated Snacks Pty Ltd, which uses the SBA brand name for its salty snacks, from Toccata Securities Pty Ltd and Hopkins Securities Pty Ltd.
“URC plans to create a wider footprint in the Oceania region with SBA providing a solid anchor in the highly competitive Australian fast moving consumer goods and retailing market,” the company, a unit of Philippine conglomerate JG Summit Holdings inc, told the Philippine Stock Exchange (PSE).
In 2014, Universal Robina acquired Griffin’s Foods Ltd, New Zealand’s leading snack maker, from Australia’s Pacific Equity Partners for NZ$700 million.
The PSE imposed a one-hour trading halt on UR shares from 0240 GMT to give the investing public time to digest the material information.