Mars Inc has struck a deal to buy Mexican chocolate business Grupo Turin.
The acquisition, signed for an undisclosed sum, will see the US giant take on a family-owned business selling chocolate under brands like Turin and Cojones and one that is a business-to-business supplier to the confectionery sector and wider food industry
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In a statement, Mars said Grupo Turin's portfolio "offers a strong strategic fit" with its own range. The M&M's maker pointed to Grupo Turin's "robust foodservice business", which it said would enable the company "to continue its profitable growth in the market in new and innovative ways".
Grupo Turin, founded in 1928, employs over 800 staff and has manufacturing facilities in Toluca in Mexico.
Mars said the transaction is subject to approval from Mexico's anti-trust watchdog. The company said it and Turin expect to complete the transaction in the first quarter of 2016 and will continue to operate separately until then.
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