Philippines-based food and drink company Universal Robina Corporation (URC) has announced the acquisition of Munchy Food Industries for MYR 1.93 billion (approx. $453.8 million).
Founded in 1991, Munchy Food Industries is a Malaysian- based biscuits manufacture with a wide portfolio of brands such as Munchy’s Cream Crackers, Lexus Cream Sandwich, Oat Krunch, Muzic Wafer, and Choc-O cookies, selling its product in over 50 countries worldwide.
URC’s president and CEO, Irwin Lee, 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. Munchy’s…is a great strategic fit with URC. Together, we will be able to further expand the footprint of URC and Munchy’s brands and unlock growth synergies in Malaysia as well as across the ASEAN region”.
Source: Advertising Marketing Malaysia