Cereal investor: Weetabix sold for £1.4bn

Weetabix has been sold for £1.4bn. Credit: ITV News Anglia

Breakfast cereal firm, the Weetabix Food Company has been sold to a US firm in a £1.4bn deal.

The deal comes after Weetabix’s UK market share for cereals and drinks, rose from 15.3% to 16.4%, in the past year.

The new owners Post Holdings, are based St. Louis, Missouri is a consumer packaged goods holding company focused on ready-to-eat cereal, protein shakes, and granola.

The firm, which is based in Burton Latimer and Corby in Northamptonshire,also makes Alpen and Weetos.

In 2014, it launched a breakfast drinks business, Weetabix On The Go. vIt exports to more than 90 countries around the world.

Post Holdings has agreed in principle to establish a joint venture with previous owners the Bright Food Group and Barings Private Equity Asia to manage the Chinese operations.

Local Kettering MP Philip Hollobone welcomed the news and believes it will help secure jobs in Northamptonshire.

"It's a fantastic local company with a marvellous reputation," Mr Hollobone told ITV News Anglia.

"They're much-loved in the local area and this announcement, I think, will mean stability for the local workforce for many years to come."