Nestlé Swallows Australia's Uncle Tobys

25 May 2006

    SYDNEY - Nestlé, the world's biggest foods group, this week took another step in its strategy of bolt-on acquisitions with the A$890m ($671.59m; €522.88m; £357.06m) purchase of Uncle Tobys, one of Australia's best known food and cereal brands.
    The deal will boost Nestlé's position in breakfast cereals in Australasia - which accounted for 40% of Uncle Tobys' A$400m sales last year - as well as in nutritious snacks and instant soups.
    Uncle Tobys, a household name in Australia, is the country's second biggest breakfast cereal maker after world leader Kelloggs.