Company officials have announced that Carozzi, Chile’s largest producer of pasta, flour and tomato sauces, has bought a 100% stake in Ambrosoli.
Despite controlling 48% of the Chilean candy market, 20% of chocolate sales and a 54% share in non-fizzy soft drinks, Ambrosoli has sought a strategic partner since the beginning of 2000 following financial difficulties within its international operations. Amassing total liabilities of US$75m however, it became apparent that a total takeover was the only solution to the company’s debt.
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Financial details of the buyout will be announced soon, but the figure is not expected to be high given Ambrosoli’s extensive liabilities.
The deal represents Carozzi’s first stake in the candy market, although it already produces cookies, chocolates, and desserts through subsidiary company Costa. Ambrosoli favoured a takeover by a national company, despite interest from Nestlé and Cadbury Schweppes, and Carozzi has also agreed to retain the brand name and a modern production plant in Vina del Mar.
