Kraft Heinz Buys Cerebos Food, Instant Coffee BusinessKraft Heinz Buys Cerebos Food, Instant Coffee Business
October 20, 2017
Japanese consumer products firm Suntory Group announced the sale of its Cerebos food and instant coffee business in Australia, New Zealand and parts of Asia to The Kraft Heinz Company in a press release Thursday, linking the move to the firm’s ongoing growth efforts in the global coffee market.
The A$290 million (about $226.6 million) sale includes popular food and instant coffee brands sold in Australian and New Zealand markets like Gravox and Fountain, as well as the Asian Home Gourmet business in Singapore.
“The transaction provides an exciting opportunity for Kraft Heinz to expand its portfolio into complementary categories, stretching the footprint of Cerebos’ brands into new categories and markets,” said the chief executive officer of Kraft Heinz Australia and New Zealand in the Suntory release. “In addition to the iconic local brands, Cerebos has a strong team that will plan an important role in our future growth.”
Suntory Beverage and Food Ltd (SBF) officials said the divested business was “not a core focus category” for the company and the sale will open opportunities to expand in the fresh coffee segment.
“The transaction also enables our Fresh Coffee business to benefit from SBF’s continued investment and focus on its beverage portfolio, so we can capitalize on our market leading positions to maximize growth,” said Terry Svenson, chief executive officer of Cerebos Australia/New Zealand, in a statement.
Expected to close in the first quarter of 2018, the sale does not include Suntory’s other assets in Australia and New Zealand.
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