Barry Callebaut has successfully closed its acquisition of the Cocoa Ingredients Division of Singapore-based Petra Foods, for around $860m (£563.5m).
The addition of this business has created the world’s largest cocoa and chocolate manufacturer, claimed Barry Callebaut.
The firm said it was an excellent strategic fit, which resonated with the core of its existing business, and supported its overall growth plans.
Following the acquisition, the manufacturer said it was immediately starting to implement its “integration master plan”, which it expects to be completed within 12-18 months.
Juergen Steinemann, chief executive officer, Barry Callebaut, said: “The cocoa business we acquired from Petra Foods is right at the core of Barry Callebaut, and we will benefit from the knowhow of our 1,800 new, highly motivated colleagues.
“It will support the further growth of our existing chocolate business. Being now the largest global supplier of high-quality cocoa products, we will be able to capture opportunities in the fast-growing markets for speciality cocoa powders even better.”