Weetabix announces £30m investment but hints at price hike
Weetabix has announced plans for a £30 million development to boost its production sites at Burton Latimer and Corby in Northants.
The good news was offset by a warning from the company that the fall in the value of the pound made product price rises possible later in the year.
The rise will affect the company's locally purchased wheat supplies because the cereal is priced in dollars but purchased in sterling.
Chief executive Giles Turrell has said the rise would be pegged as low as possible and would be a last option for the company.
However Weetabix's investment plans follow a year in which the company's market share rose 1.1% to 16.4% and it has spoken of plans for new product varieties.
It also said that increased jobs are likely too, in addition to the 1,000-plus the company provides within the UK.
Owner China-based Bright Foods, which has a 60% stake, has reportedly been contemplating a sale of the company with Associated British Foods and one or more overseas among the potential bidders.