Weetabix to invest £30m to expand production in UK
British breakfast cereal company Weetabix has announced a £30m ($37.5m) capital investment programme to expand its production capacity in the UK.
The company will invest in its manufacturing sites in Burton Latimer and Corby.
Weetabix expects the investment to help in meeting the rising demand for its iconic Weetabix biscuits both at home and overseas.
The creation of new production capacity by 2018 is expected to result in adding new jobs, expanding Weetabix’s global workforce.
Kettering Constituency MP Philip Hollobone said: “As someone who eats Weetabix every day I am delighted at this new investment in the local economy and am confident that Weetabix has a bright future ahead of it.”
The investment decision comes in the wake of a growth in Weetabix’s UK market share for cereals and drinks to 16.4% last year compared to 15.3% in the previous year.
The firm said that the expansion of production capacity in Burton Latimer and Corby by 2018 will enable it to match consumer demand for its popular breakfast cereals.
Weetabix Food Company CEO Giles Turrell said: “We’ve consistently bucked the market, through our innovation and focus on nutritionally strong products that taste great.
“We have been successful in increasing our sales of brands such as Weetabix and Alpen, with consumers trusting us to deliver best in class nutrition and taste.”
Recently, Italian pasta maker Barilla has reportedly emerged as the frontrunner to acquire UK based cereal company Weetabix for £1.5bn.
Weetabix’s controlling stake is currently owned by Chinese firm Bright Food which decided to offload the cereal business last year.
For this purpose, Bright Food had entrusted the job to Goldman Sachs to help it offload a 60% stake in the cereal company, reported This is Money.
Image: Weetabix expects the investment to help in meeting the rising demand for its iconic Weetabix biscuits. Photo courtesy of Keerati/FreeDigitalPhotos.net.