Zurich — Barry Callebaut AG has completed the acquisition of Petra Foods Ltd.’s Cocoa Ingredients division for $860 million, according to the company. Barry Callebaut claims it is now the world’s largest cocoa and chocolate manufacturer with 8,000 employees and an estimated $6.4 billion in annual sales.
The firm reports the acquisition will add comprehensive cocoa processing and powder blending expertise as well as a deep understanding of Asian and Latin American markets. Barry Callebaut also expects to reinforce its cost leadership in cocoa processing by enlarging its footprint in cost-competitive production countries, enabling product flow optimizations and diversifying its cocoa sourcing.
CEO Juergen Steinemann says: “The cocoa business we acquired from Petra Foods is right at the core of Barry Callebaut, and we will benefit from the know-how of our 1,800 new, highly motivated colleagues. We are pleased that we can start to implement what we have prepared in the last six months and focus on the integration process.”