Barry Callebaut acquires Petra’s cocoa division
Barry Callebaut has reached an agreement with Petra Foods, Singapore to acquire its cocoa ingredients division. The division is the largest cocoa products supplier in Asia with a global sales volume of 265,000 MT and 47,000 MT of co-manufacturing volumes for large accounts, sales revenue of $1.3 billion and 1,700 employees in fiscal year 2011 (ended December 31, 2011). The business has a significant global footprint across four continents with 405,000 MT of bean grinding capacity in seven processing facilities, and four sales offices. The integration of Petra Foods’ cocoa ingredients division will make Barry Callebaut the largest global cocoa processor. 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.
Andreas Jacobs, chairman of Barry Callebaut, says, “This acquisition is an excellent strategic fit that will support our future global growth. The integration of Petra Foods’ cocoa ingredients division into our Group is expected to strengthen Barry Callebaut’s earnings per share. This significant transaction will allow us to continue our expansion strategy in all regions and capture additional opportunities through outsourcing and partnership agreements as well as in Gourmet.”
Juergen Steinemann, Barry Callebaut’s chief executive officer, adds, “The acquisition marks a major step forward in the implementation of our four-pillar 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. 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. Moreover, Barry Callebaut will gain valuable know-how and become even more global thanks to all the new colleagues whom we will welcome with open arms upon closing the planned transaction.”
