SMC completes sale of Nat’l Foods to Kirin
Food and beverage giant San Miguel Corp. (SMC) has completed the sale of its Australian dairy and juice businesses to Japanese brewer Kirin Holdings Co. Ltd. for A$2.8 billion.
Under the deal, Kirin is set to take over National Foods starting 2008 and make it a consolidated subsidiary.
SMC bought National Foods in 2005 for only A$1.9 billion. Since then, SMC has folded into National Foods leading Australian juice maker Berri, specialty cheese producer Lactos and Malaysian ice cream manufacturer Kings Creameries.
Berri was acquired in 2004 while Kings Creameries was purchased in 2005. Lactos, on the other hand, was bought by National Foods last year.
The sale of National Foods coincides with SMC’s divestment of Australian premium brewer J. Boag & Son.
National Foods’ key brands include Pura Milk, Yoplait yogurt, Berri fruit juices and Lactos cheese.
According to Kirin, its acquisition of National Foods would expand its food business and boost its presence in Asia.
“Through the investment, Kirin will obtain a robust operational base for promoting an integrated beverage business and health foods and functional business,” said Kirin president and chief executive officer Kazuyasu Kato.
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