MANILA— Universal Robina Corp said Friday its unit signed a deal to acquire Crunchy Foods Sdn Bhd, the company that owns Munchy Food Industries, for P22.9 billion.
Its Malaysian subsidiary URC Snack Foods Sdn Bhd signed an agreement to acquire 100 percent of Crunchy Foods Sdn that owns Munchy Food Industries Sdn and its subsidiary Munchworld Marketing Sdn Bhd, the company told the stock exchange.
"The transaction value is MYR 1.925 billion (P22.9 billion) on a cash-free and debt-free basis. The final consideration will be disclosed upon completion and closing of the transaction," the company said.
"URC is delighted to announce the acquisition of Munchy’s which will add immediate value to our international product portfolio, and scale up our Malaysian market position to leadership in the Biscuits category," URC president and CEO Irwin Lee said.
Crunchy Foods produces confectionery products and operates in Malaysia, according to Bloomberg data.
In addition, URC said Munchy's has several offerings in the biscuit segments with brands such as Munchy’s Cream Crackers, LEXUS Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O cookies, which are available in most retail outlets in Malaysia and more than 50 countries globally.
The Gokongwei-led URC, meanwhile, is a food and beverage manufacturer and distributor with brands such as Jack 'N Jill, Calbee and C2, among others.