Petra Foods sells off cocoa business for US$950m

Barry Callebaut bites the offer.

According to a release, Petra Foods Limited announced that it has signed a conditional sales and purchase agreement with Barry Callebaut AG for the sale of the Group’s entire Cocoa Ingredients Division for a total consideration of US$950 million, subject to adjustments at completion.

Zurich-based Barry Callebaut is the world’s leading manufacturer of high-quality cocoa and chocolate products - from the cocoa bean to the finest chocolate product.

Barry Callebaut is present in 30 countries, operates around 45 production facilities and employs a workforce of about 6,000 people.

Barry Callebaut serves the entire food industry focusing on industrial food manufacturers, artisans and professional users of chocolate (such as chocolatiers, pastry chefs or bakers), the latter with its two global brands Callebaut® and Cacao Barry®.

The proposed Sale comprises Petra Foods’ entire cocoa ingredients business including seven factories in Malaysia, Indonesia, Thailand, Brazil, Mexico, Germany and France and major sales offices in Singapore, Netherlands and the USA.

The consideration was arrived at following negotiations and a competitive sale process from which it emerged that the sale to Barry Callebaut represented the most attractive offer received. Arising from the proposed Sale, Petra Foods will realize a gain on disposal of approximately US$106 million.