Swiss chocolate group Barry Callebaut yesterday (4 November) signed an agreement with the Nederland Group to acquire Spanish Chocovic, a company  belonging to Nederland Group, specialising in chocolate and specialty products for industrial and artisanal customers.

The deal, Callebaut said, will strengthen its position with industrial and artisanal customers in Spain. It also underscores the company’s strategic intention to further expand its core business with industrial and artisanal customers as well as its geographic presence.

Juergen Steinemann, CEO of Barry Callebaut said: “The acquisition of Chocovic is an excellent, future-oriented opportunity for us: Chocovic will strengthen our position in Spain, it is a perfect complement to our existing offering, and we will use it especially as a platform to further build our Gourmet business.”

Chocovic makes around 30,000 tonnes of chocolate and specialty products per year, with annual sales of approximately EUR60m (US$88.5m) and employs about 120 people. Brand names include Chocovic and Novacrem.Callebaut said it will retain Chocovic´s commercial names and current network.

The current owners of Chocovic will retain ownership of the other activities of the Nederland Group, which include Moner Cocoa and Nederland (cocoa processing).

The transaction is subject to the approval of the competition authorities and it is expected to close by the end of the calendar year. No financial details of the transaction were disclosed.