Barry Callebaut, the leading manufacturer of high-quality chocolate and cocoa products has signed an agreement with Spanish private label chocolate player Natra to integrate Callebaut’s European chocolate consumer business into Natra.

The combination of the two businesses would create a significant private label and third-party chocolate products maker in Europe with estimated annual sales of around €850 million according to pro forma combined figures for 2008. It would also have a share of 2% of the entire European cocoa and chocolate market and a pro forma production output of around 215,000 tonnes in 2008.
The transaction would allow both parties to concentrate on their respective core businesses: Natra would be able to secure future growth in its consumer segment and third-party branded chocolate (co-manufacturing), and Barry Callebaut could focus on its strategy of being the preferred outsourcing partner for industrial and artisan customers.
It would also include a significant, long-term outsourcing contract under which Barry Callebaut would supply a minimum volume of 85,000 tonnes per year of liquid chocolate to Natra, guaranteeing the supply of this ingredient for Natra.
Barry Callebaut would become a minority shareholder in the new Natra. The parties foresee to be able to execute the transaction in summer 2009.