Maker of Jack ‘n Jill snack food acquires Granny Goose brands

MANILA, Philippines - Gokongwei-led Universal Robina Corp. has acquired new brand names to expand its snacks portfolio, baring Thursday the purchase of the manufacturing assets of the country’s second largest corn chips manufacturer. Universal Robina is taking over the assets of General Milling Corp., maker of corn- and wheat-based snacks such as Kornets, Tortillos and Brew Bud under the Granny Goose mother brand. "We are looking forward to this development. The heritage of the Granny Goose brand, as well as [General Milling’s] diverse snacks lineup, will complement and grow our existing snack food operations," Universal Robina President and Chief Operating Officer Lance Y. Gokongwei said in a statement. Universal Robina shares closed unchanged Thursday at P14. Trading at the Philippine Stock Exchange was already closed when the listed company announced the acquisition for an undisclosed amount. Early this year, the Securities and Exchange Commission approved the extension of the corporate life of General Milling, which will exist for another 50 years from June 26. Uytengsu-led General Milling started operations in Cebu in 1961 with flour milling as its initial business. Later on, it expanded to feed milling, maize milling, agribusiness and fermentation. Universal Robina manufactures snacks, biscuits, cakes, candies and chocolates under the Jack ’n Jill brand. It produces Chippy, Piattos and Nova, among others. In 2007, Universal Robina bought Nestle Waters Philippines’ Hidden Spring mineral water brand for $5 million to beef up its beverages portfolio. Nestle agreed to sell its water business, particularly the Hidden Spring trademark, as well as its license to produce and sell the Nestle Pure Life bottled water line. Universal Robina is a major subsidiary of JG Summit Holdings, Inc., a conglomerate also listed in the bourse. - Ruby Anne M. Rubio, BusinessWorld