Hershey to buy Van Houten Singapore consumer business from Barry Callebaut
* Divestiture of its Van Houten consumer chocolate business in Asia will allow Barry Callebaut to focus on its activities with industrial and gourmet customers in the region
* Barry Callebaut will retain ownership of the well-known Van Houten brand and license the Van Houten brand name and trademarks to Hershey for use in relation to the sale of consumer products in Asia Pacific, the Middle East, and Australia/New Zealand
Zurich/Switzerland – Barry Callebaut, the world’s leading manufacturer of high-quality cocoa and chocolate products, sold 100% of its consumer company in Asia, Van Houten Singapore, to The Hershey Company, (NYSE: HSY), effective February 28, 2009. While retaining ownership of the traditional Van Houten Brand, Barry Callebaut will grant to The Hershey Company a perpetual, exclusive license of the Van Houten brand name and related trademarks in Asia Pacific, the Middle East and Australia/New Zealand for consumer products. Barry Callebaut will continue to use the well-known Van Houten brand in its gourmet and vending mix business worldwide. The two parties did not disclose financial details of the transaction.
Founded in 1990, Van Houten Singapore successfully develops and markets popular consumer chocolate products throughout Asia. Fiscal 2007/08 sales revenue was approximately USD 20 million. Van Houten Singapore employs a staff of five people.
Maurizio Decio, President Asia-Pacific of Barry Callebaut, said: “This divestiture will allow Barry Callebaut to focus entirely on our business with industrial and gourmet customers in Asia and the Middle East, which is our core business. The growth markets of Asia are a prime target for us that we want to develop fast in order to benefit from the first-mover effect.”
Ted Jastrzebski, Senior Vice President, President Hershey International, said: “Van Houten is an established brand with a growing, profitable Asian business. This acquisition complements our existing business in Asia and gives Hershey an immediate in-market presence in several high-potential markets, including Malaysia and Indonesia. This transaction continues Hershey’s global strategy of entering growth markets through acquisitions and partnerships.”
About Barry Callebaut (www.barry-callebaut.com):
With annual sales of more than CHF 4.8 billion/USD 4.4 billion for fiscal year 2007/08, Zurich-based Barry Callebaut is the world’s leading manufacturer of high-quality cocoa and chocolate – from the cocoa bean to the finished product on the store shelf. Barry Callebaut is present in 26 countries, operates about 40 production facilities and employs approximately 7,000 people. The company serves the entire food industry, from food manufacturers to professional users of chocolate (such as chocolatiers, pastry chefs or bakers), to global retailers. In Asia, Barry Callebaut is present in China, Singapore, Malaysia, Japan and India.
About The Hershey Company
The Hershey Company (NYSE: HSY) is the largest producer of quality chocolate in North America and a global leader in chocolate and sugar confectionery. Headquartered in Hershey, Pa., The Hershey Company has operations throughout the world and more than 12,000 employees. With revenues of more than $5 billion, Hershey offers such iconic brands as Hershey’s, Reese’s, Hershey’s Kisses, Kit Kat, Twizzlers and Ice Breakers as well as the smooth, creamy indulgence of Hershey’s Bliss. Hershey is a leader in the fast-growing dark and premium chocolate segment, with such brands as Hershey’s Special Dark and Hershey’s Extra Dark. In addition, Artisan Confections Company, a wholly owned subsidiary of The Hershey Company, markets such premium chocolate offerings as Scharffen Berger, Dagoba and Starbucks Chocolate. For more than 100 years, The Hershey Company has been a leader in making a positive difference in the communities where we live, work and do business. The Milton Hershey School, established by the company’s founder in 1909, provides a nurturing environment, quality education, housing, and medical care at no cost to children in social and financial need. The School is administered by the Hershey Trust Company, Hershey’s largest shareholder, making the students of Milton Hershey School direct beneficiaries of Hershey’s success.Please visit us at www.hersheys.com.
Safe Harbor Statement
This release contains statements that are forward-looking. These statements are made based upon current expectations that are subject to risk and uncertainty. Actual results may differ materially from those contained in the forward-looking statements. Please see the 2008 Annual Report on Form 10-K filed by The Hershey Company with the U.S. Securities and Exchange Commission on February 20, 2009 for a discussion of risk factors that could cause Hershey’s future results to differ materially from the forward-looking statements, expectations and assumptions expressed or implied by Hershey in this release. The Hershey Company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company’s expectations.
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