SUBSCRIBE

Breaking News on Industrial Baking & Snacks

News > Manufacturers

Philippine food major buys New Zealand snack firm Griffin’s

Post a comment

By Kacey Culliney+

22-Jul-2014
Last updated on 22-Jul-2014 at 12:33 GMT

Universal Robina Corporation says Griffin's snack brands - including ETA Salty Snacks - are at the forefront of global consumer snacking trends
Universal Robina Corporation says Griffin's snack brands - including ETA Salty Snacks - are at the forefront of global consumer snacking trends

Universal Robina Corporation (URC) has snapped up New Zealand snack giant Griffin’s Foods for NZ$700m ($606.6m) in a move it says should bolster its presence in the Asian snack sector.

Griffin’s - New Zealand's largest domestic snack player - manufacturers a host of brands including Eta Salty Snacks, Gingernuts, MallowPuffs and Nice & Natural snack bars.

Lance Gokongwei, president and chief executive of URC, said the buy would strengthen the firm’s position across Asia. URC’s Jack ‘n Jill snack brand was its top performer.

“While we have already built very strong brands, our strategy is to continue offering our existing consumers and markets in the ASEAN and Greater China regions with innovative, convenient, lifestyle-focused and on-the-go products,” he said.

Griffin’s portfolio contained exciting and premium brands that would appeal to Asia as the global snacking trend transformed the region’s snacks sector, Gokongwei said.

He said Griffin's was strong in, "Indulgence; a sense of play and excitement; using natural ingredients; ensuring traceability of source; and providing healthy alternatives.”

‘Exciting’ stage of growth

Established in 1864, Griffin’s injected over NZ$180m into company operations over the past eight years under Pacific Equity Partners (PEP) ownership.

Growth has been focused on strengthening domestic business in New Zealand and Australia, but also developing exports. Griffin’s snacks were already sold in more than 20 countries with exports pulling in one third of total company revenues.

The company’s executive chairman Ron Vela said the acquisition would fuel further exports.

“The Griffin’s board believes URC’s significant experience in developing its own export markets makes it the ideal partner to take Griffin’s forward as it embarks on this next exciting stage of growth,” he said.

URC has a stronghold in the Philippines, Vietnam, Thailand, Indonesia, Malaysia, Singapore, Hong Kong and China, he said.

The sale remained subject to Overseas Investment Office approval, but once finalized, Griffin’s COO Alison Taylor would become CEO. Vela will remain as a consultant to the senior team at URC.

Subscribe to our FREE newsletter

Get FREE access to authoritative breaking news, videos, podcasts, webinars and white papers. SUBSCRIBE

Post a comment

Comment title *
Your comment *
Your name *
Your email *

We will not publish your email on the site

I agree to Terms and Conditions

These comments have not been moderated. You are encouraged to participate with comments that are relevant to our news stories. You should not post comments that are abusive, threatening, defamatory, misleading or invasive of privacy. For the full terms and conditions for commenting see clause 7 of our Terms and Conditions ‘Participating in Online Communities’. These terms may be updated from time to time, so please read them before posting a comment. Any comment that violates these terms may be removed in its entirety as we do not edit comments. If you wish to complain about a comment please use the "REPORT ABUSE" button or contact the editors.

Key Industry Events

 

Access all events listing

Our events, Events from partners...