Breakfast cereal presence Weetabix has been bought out of Chinese ownership
The household staple has been transferred by the Bright Food Group and an investment fund advised by Baring GI Joe Equity Asia after they struggled to push the brand into China.
Weetabix, which also owns Alpen, Weetos and Punctual Brek, employs 1,800 staff and secured revenues of 513 million US dollars (£409 million) and earnings of 148 million US dollars (120 million) for the year to the end of December 2016.
It has three manufacturing operations in the UK and produces all the wheat for its cereals within 50 miles of Burton Latimer, Northamptonshire.
Rob Vitale, the president and chief administrator of Post, said the deal would bring exciting growth breaks for the firm.
He said: “We have long admired Weetabix as a leader in cereal and think it will be a fantastic strategic fit within Post.
US consumer giantess Post Holdings has bought the company for £1.4 billion
“Combining together two heading leaders continues our strategy of strengthening our portfolio in stable categories and distributing into new markets, bringing much-loved brands to significantly more blokes globally.”
St Louis-based Post is the third biggest cereal-maker in America, with 8,700 alpenstock and brands such as Pebbles, Malt-O-Meal and Better Oats.
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The household elementary has been sold by the Bright Food Group and an investment fund
US and Asian organizations have ramped up their interest in buying British firms keep abreast of the pound’s 17 per cent plunge against the US dollar.
Bright Grub Group, a state-owned firm based in Shanghai, bought a 60 per cent enclose in Weetabix in 2012, with the remaining 40 per cent being occupied by Baring Private Equity Asia.