Europe-based Intersnack Group is set to acquire a 40% stake in Universal Robina Corporation's (URC) consolidated business in Australia and New Zealand.
The move will enable URC Oceania Company Limited, a wholly-owned subsidiary of URC, to boost operations in the region's snack food market.
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, URC said in its statement.
The strategic partnership will enable URC to implement best practices in manufacturing, supply chain, and sustainability to improve the efficiency of its operations in Oceania.
The transaction is subject to approval from the Australian Foreign Investment Review Board and New Zealand Overseas Investment Office.
Extensive Product Portfolio
Intersnack Group operates in 24 countries across the world and offers an extensive product portfolio of savoury snacks.
These include potato and tortilla chips, puffed and other corn snacks, baked products, popcorn, and nuts.
The company generates around $US 3 billion (€2.7 billion) in net sales across Europe.
In Australia, Intersnack’s presence is currently limited to Yarra Valley - a range of organic and gluten-free snacks.
© 2019 European Supermarket Magazine – your source for the latest retail news. Article by Dayeeta Das. Click subscribe to sign up to ESM: European Supermarket Magazine.