UK/TURKEY: Cadbury to buy Turkish gum firm
Cadbury Schweppes is set to buy Turkish gum business Intergum in a deal worth US$450m, the UK confectionery giant said today (7 June).
The deal, which is expected to close in the third quarter of the year, will strengthen Cadbury's presence in Turkey's gum sector, where sales grew 17% last year.
Intergum holds a 46% share of the gum market in Turkey and also exports some products to markets in the Middle East, the Balkans, Russia and the CIS.
Cadbury CEO Todd Stitzer said: "Intergum is highly complementary to our current operations in Turkey, where we have a leading position in the candy market."
Turkish gum sales stood at $232m last year, with the fastest growth in the last three years coming from sugar-free gum, which accounts for 47% of sales.
The deal to buy Intergum comes days after Cadbury announced it would sell off operations in Australia, Italy and Canada for a combined GBP45m (US$85m).
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