-1 of 2- 01 Jul 2013 15:32:00 UTC *DJ Barry Callebaut successfully closes acquisition of the Cocoa Ingredients Division from Petra Foods
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(MORE TO FOLLOW) Dow Jones Newswires
July 01, 2013 11:32 ET (15:32 GMT)- - 11 32 AM EDT 07-01-13
-2 of 2- 01 Jul 2013 15:32:00 UTC PRESS RELEASE: Barry Callebaut successfully closes acquisition of the Cocoa Ingredients Division from Petra Foods
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
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
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
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
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(R) and Cacao Barry(R) .
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
 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
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
--- End of Message ---
P.O. Box Zurich Switzerland
WKN: 914661;ISIN: CH0009002962;
(END) Dow Jones Newswires
July 01, 2013 11:32 ET (15:32 GMT)- - 11 32 AM EDT 07-01-13