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Kirin Holdings To Acquire Dairy For 294 Billion yen

08 November 2007

TOKYO - Japanese brewer Kirin Holdings Co Ltd said Thursday it will acquire 100 percent of Australian dairy company National Foods Ltd from Philippine parent company San Miguel Corp for 294 billion yen.

The acquisition is expected to be completed before the end of December.

The purchase price includes some 200 billion yen in interest-bearing debt held by the Australian company.

Kirin said that if the 2007 earnings before interest, tax depreciation and amortization (EBITDA) of National Foods exceeds an undisclosed set level, it would pay an additional 10.5 billion yen to San Miguel.

With the acquisition, the brewer said it aims to expand its overseas business amid struggling domestic demand for beer.

National Foods, which produces milk, juice and cheese, posted an operating profit of 17.9 billion yen and revenue of 193.2 billion yen in 2006.

TheCattleSite News Desk


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