Barry Callebaut successfully closes acquisition of the Cocoa Ingredients Division from Petra Foods
(Thomson Reuters ONE) -
Barry Callebaut /
Barry Callebaut successfully closes acquisition of the Cocoa Ingredients
Division from Petra Foods
. Processed and transmitted by Thomson Reuters ONE.
The issuer is solely responsible for the content of this announcement.
Creation of world's largest cocoa and chocolate manufacturer
* Excellent strategic fit at the core of Barry Callebaut's existing business,
supporting the company's overall growth
* Creating the world's leading cocoa powder supplier, in addition to being the
global leader in chocolate
* Implementation of the integration master plan to start immediately, expected
to be completed within 12-18 months
* Purchase price approx. USD 860 million
* Confirmed mid-term guidance as of consolidation: 6-8% average volume growth
per year and EBIT per tonne restored to pre-acquisition level until
2015/16([1])
Zurich/Switzerland - July 1, 2013 - Barry Callebaut, the world's leading
manufacturer of high-quality cocoa and chocolate products, successfully closed
the acquisition of the Cocoa Ingredients Division from Singapore-based Petra
Foods Ltd. as planned on June 30, 2013, following approval from the regulatory
authorities. The combination of the two businesses makes Barry Callebaut the
world's largest cocoa and chocolate manufacturer, fully integrated from bean
sourcing to the manufacture of the finest chocolate products. It creates an
organization with over 8,000 employees, an estimated annual sales volume of 1.6
million tonnes and CHF 6 billion (EUR 4.9 billion / USD 6.4 billion) in sales
revenue, as well as further diversifying Barry Callebaut's global footprint to
50 factories on four continents.
Juergen Steinemann, Barry Callebaut's CEO, said: "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. It will support
the further growth of our existing chocolate business. Being now also the
largest global supplier of high-quality cocoa products, we will be able to
capture opportunities in the fast-growing markets for specialty cocoa powders
even better." Looking ahead, Mr. Steinemann added: "We are pleased that with the
successful closing of the transaction, we can start to implement what we have
prepared in the last six months and focus on the integration process."
Excellent strategic fit - Highly complementary business - Mutually reinforcing
strengths
The acquisition of the Cocoa Ingredients Division is highly complementary to
Barry Callebaut's existing business and will support the further growth of the
company's chocolate business. It is a strategic investment and in line with
Barry Callebaut's strategy based on the four pillars Expansion, Innovation, Cost
Leadership and Sustainable Cocoa.
With the closing of the transaction, Barry Callebaut is broadening its offering
to industrial chocolate, outsourcing and Gourmet customers and significantly
expanding its sales volume in the fast-growing emerging markets. The acquisition
will add comprehensive cocoa processing and powder blending expertise as well as
a deep understanding of Asian and Latin American markets. It will also reinforce
Barry Callebaut's cost leadership in cocoa processing by enlarging its footprint
in cost-competitive production countries, partially replacing future investments
in production capacities, while also enabling product flow optimizations. At the
same time, Barry Callebaut will further diversify its cocoa sourcing and
processing activities in origin countries by creating a second strong base in
Asia, besides West Africa.
Integration of the newly acquired business
Since the signing of the transaction on December 12, 2012, a joint integration
taskforce has developed a master plan to integrate Petra Foods' Cocoa
Ingredients Division into Barry Callebaut. The implementation of the integration
starts immediately and is expected to take 12 to 18 months.
Barry Callebaut will maintain its regional structure - including Region Europe
(Western Europe and EEMEA), Region Americas and Region Asia-Pacific - and
continue to run its cocoa business (now called 'Global Cocoa') globally. The
newly acquired business will be integrated into Global Cocoa.
In terms of consolidation, two months of the former Cocoa Ingredients Division
will be included in Barry Callebaut's annual reporting for fiscal year 2012/13
(ending August 31, 2013).
Financing of acquisition completed
Based on adjustments for working capital and other items, the purchase price for
Petra Foods' Cocoa Ingredients Division will be approximately USD 860 million,
subject to final adjustments following the closing.
For the financing of the acquisition, Barry Callebaut placed USD 400 million of
senior notes due 2023 on June 13, 2013, with a 5.5% coupon. In addition, the
company issued new registered shares on June 14, 2013, for USD 300 million
utilizing the authorized share capital as approved by the Extraordinary General
Meeting of Shareholders on April 22, 2013. The new shares were placed through an
accelerated bookbuilding procedure by way of a private placement. The remainder
will be financed through the partial utilization of an existing bridge loan.
Confirmed new mid-term guidance as of consolidation
As announced on December 12, 2012, Barry Callebaut issued a new mid-term
guidance valid as of consolidation, which is unchanged average volume growth of
6-8% per year until fiscal year 2015/16 and EBIT per tonne restored to Barry
Callebaut's pre-acquisition level by the end of the same period, barring any
major unforeseen events.
***
Barry Callebaut (www.barry-callebaut.com):
With annual sales of about CHF 4.8 billion (EUR 4.0 billion / USD 5.2 billion)
in fiscal year 2011/12, Zurich-based Barry Callebaut is the world's leading
manufacturer of high-quality cocoa and chocolate products - from sourcing and
transforming cocoa beans to producing the finest chocolate, including chocolate
fillings, decorations and compounds. Combined with the recently acquired cocoa
ingredients business from Petra Foods, Barry Callebaut generates estimated
annual sales of CHF 6 billion (EUR 4.9 billion / USD 6.4 billion), runs around
50 production facilities worldwide, sells its products in over 100 countries and
employs a diverse and dedicated workforce of more than 8,000 people.
Barry Callebaut serves the entire food industry, from industrial food
manufacturers to artisanal and professional users of chocolate, such as
chocolatiers, pastry chefs, bakers, hotels, restaurants or caterers. The two
global brands catering to the specific needs of these customers are Callebaut(®)
and Cacao Barry(®).
***
Contacts:
for investors and financial analysts: for the media:
Evelyn Nassar Raphael Wermuth
Head of Investor Relations Head of Media Relations
Barry Callebaut AG Barry Callebaut AG
Phone: +41 43 204 04 23 Phone: +41 43 204 04 58
evelyn_nassar(at)barry-callebaut.com raphael_wermuth(at)barry-callebaut.com
[1] Barring any major unforeseen events.
The complete news release can be downloaded from the following link:
News Release (PDF):
http://hugin.info/100441/R/1713245/568683.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Barry Callebaut via Thomson Reuters ONE
[HUG#1713245]
Unternehmensinformation / Kurzprofil:
Datum: 01.07.2013 - 17:32 Uhr
Sprache: Deutsch
News-ID 274830
Anzahl Zeichen: 8707
contact information:
Town:
Zurich
Kategorie:
Business News
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