Griffin’s to ramp up exports under new ownership
Griffin’s Foods, the maker of Gingernuts and Eta brand snacks, plans to lift exports to more than 50 percent of sales within five years by leveraging new owner Universal Robina Corp’s links in southeast Asia, says incoming chief executive Alison Taylor.
Auckland-based Griffin’s was sold to URC for $700 million this week, ending about eight years of ownership by Australian private equity firm Pacific Equity Partners. The company can use URC’s networks in Asia to meet growing global demand for New Zealand-sourced food…
The government is looking to increase the country’s exports to 40 percent of the economy by 2025, and has tasked the Ministry of Business, Innovation and Employment to analyse food and beverage exports, which account for more than half of New Zealand’s merchandise trade.
Local manufacturers exported about $287 million of snack foods in 2012 out of a total $1.72 billion processed food exports, according to a Coriolisreport for the Food and Beverage Information Project published in January.
About a third of Griffin’s $280.8 million in annual revenue came from exports in calendar 2013, up from as little as 2 or 3 percent of its $186.4 million in sales in 2006, when PEP bought the manufacturer. The Coriolis report ranked Griffin’s the country’s seventh-biggest processed food firm.