Sweet deal for Godiva
Chocolatier Godiva sold to Turkey's Yildiz
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Friday, 21, Dec 2007 10:33
Chocolatier Godiva has been sold to Turkey's Yildiz for $850 million (£428 million) by its American owner Campbell.
The sale comes after Campbell said the Belgian chocolate brand "did not fit" with its focus on simple meals and baked snacks.
Yildiz is the owner of confectionary and biscuits firm Ulker, which is set to incorporate Godiva into its operations.
Douglas Conant, president and chief executive officer of Campbell, said that the sale price reflected the "strength" of the Godiva business, which has yearly sales of $500 million (£252 million).
"Godiva is one of the world's leading premium chocolate businesses and is an excellent strategic fit within Ulker's portfolio," Mr Conant explained.
"The agreement allows Ulker to expand and diversify its portfolio with an elite, global luxury brand and enables Campbell to sharpen our strategic focus on simple meals, anchored by soup, baked snacks, and vegetable-based beverages."
Istanbul-based Ulker has yearly sales of about $7.43 billion (£3.75 billion), employs more than 25,000 employees worldwide and is the largest consumer goods company in Turkey.
Mr Conant added: "I truly believe we have reached an agreement that benefits all parties - Campbell, Ulker, and Godiva and its employees."