The transaction also includes a long-term agreement with Petra Foods' branded consumer division to supply it with cocoa products covering 75% of its total needs. The transaction is subject to approval by Petra Foods' shareholders as well as regulatory authorities. The closing of the transaction is expected in summer 2013.
Juergen Steinemann, Barry Callebaut's chief executive officer, said the acquisition marks a major step forward in the implementation of the company’s growth strategy. “A stronger integrated position in sustainable cocoa sourcing and processing is important to keep growing our chocolate business over-proportionally, especially in emerging markets,” he said. “The deal also allows us to become a strategic supplier of specialty cocoa powders and meet the growing integrated value chain requirements of our customers and partners."
The company said the acquisition is in line with its strategy for future growth based on the four pillars of expansion, innovation, cost leadership and sustainable cocoa.