Petra Foods to sell its cocoa ingredients business for $1.16 billion
SWISS-BASED Barry Callebaut, the world's leading manufacturer of high-quality cocoa and chocolate products, has agreed to acquire Singapore-listed Petra Foods' cocoa ingredients business for US$950 million (S$1.16 billion).
The price is at a premium to the business' book value of US$784 million as of Sept 30.
Petra Foods' cocoa ingredients division is the largest cocoa products supplier in Asia with a global sales volume of 265,000 metric ton and 47,000 MT of co-manufacturing volumes for large accounts, sales revenue of US$1.3 billion and 1,700 employees last year.
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.