A range of Weetabix products: Weetabix's total sales in 2016 as of
January 2 dropped 1.6 per cent year-on-year, and profit fell 15 per cent
to £84.6 million (around Sh11 billion). PHOTO | FILE 
Summary
- China-owned Bright Food bought a 60 per cent stake in Weetabix for 1.2 billion pounds in 2012.
- At the time the deal was the largest overseas acquisition by a Chinese company in the food and beverage sector.
- Based in Northampton in central England, Weetabix employs about 1,800 staff worldwide and its cereals are exported to more than 80 countries.
China's second-largest food company
Bright Food Group has agreed to sell British-based breakfast cereal
maker Weetabix to US company Post Holdings in a deal worth Sh186.2
billion ($1.8 billion),
Bloomberg News said Tuesday.
Bloomberg News said Tuesday.
State-owned
Bright Food bought a 60 per cent stake in Weetabix for 1.2 billion
pounds in 2012, part of an aggressive search for overseas assets as it
sought to expand its global footprint.
At the time the deal was the largest overseas acquisition by a Chinese company in the food and beverage sector.
A Bright Food spokesman confirmed to Bloomberg
that the Shanghai-based company would sell its stake to cereal
manufacturer Post, with Baring Private Equity Asia holding the remaining
40 per cent.
He said Weetabix's China sales had risen
sixfold in the past year but the company still sells most of its
product in Britain, since Chinese consumers are unused to eating cold
cereal for breakfast.
Overseas acquisitions remain an
important part of Bright Food's plan to become an "internationally
influential, multinational company", the spokesman added.
Weetabix's
total sales in 2016 as of January 2 dropped 1.6 per cent year-on-year,
and profit fell 15 per cent to £84.6 million (around Sh11 billion),
according to Bloomberg.
Based in Northampton in central England, it employs
about 1,800 staff worldwide and its cereals are exported to more than 80
countries.
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