The Weetabix Food Company is set to be acquired by Post Holdings, a US consumer packaged goods holding company, for £1.4 billion.

Headquartered in Burton Latimer, Northamptonshire, UK, the Weetabix Food Company is responsible for breakfast brands Weetabix, Weetabix Minis, Alpen and Weetos, as well as Weetabix On The Go – its breakfast drinks business launched in 2014 with sales of more than £15 million last year.

In the UK, the company has factories in Burton Latimer and Corby. It also has operations in Germany, Spain, North America and South Africa, and exports its brands to more than 90 countries around the world.

Post Holdings, headquartered in St. Louis, Missouri, US, is a consumer packaged goods holding company with a broad product portfolio across food, including ready to eat cereal, value added egg products, protein shakes, bars and powders, peanut and other nut butters, and granola.

The acquisition comes on the back of the growth in Weetabixs UK market share for cereals and drinks, rising from 15.3% to 16.4%, in the past year.

Giles Turrell, CEO of Weetabix Food Company, says, "Todays deal is great news for the team at Weetabix and all those who love our brands. The past five years have seen us increase our branded sales at home and overseas. Post is a leader within its markets and shares our commitment to providing great tasting nutritious products for the whole family. Im confident they will help us open doors for continued expansion."