New Zealand biscuit maker, Griffin’s has been sold to Universal Robina Corporation, a Philippines-based food manufacturer for $700m.
The sale, which is subject to approval from the Overseas Investment Office, is said to have doubled the initial investment made by Australian-based owners, Pacific Equity Partners, Stuff.co.nz reports.
Should the deal go ahead, Griffin’s chief operating officer, Alison Taylor will become CEO and executive chairman, Ron Vela, will be retained as a consultant.
Taylor believes that URC has purchased the company due to the significant opportunities for growth.
"That is why they are buying the business – for the manufacturing platform and the opportunities that provides for products in their markets," she said.
Vela echoed Taylor’s comments, stating that the sale is a positive move for the NZ workforce.
‘I just think they'll be investing forever. This is a gift in heaven for the New Zealand workforce, for the country itself," Vela said.
Griffin’s currently employs 800 people and operates two factories in Auckland.