Singapore-based Petra Foods has taken a majority stake in a joint venture with the UK’s Armajaro Holdings that will see the cocoa and ingredients company move into the European market.
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Petra Foods will acquire a 60% stake in the JV, Petra Armajaro, for EUR16m (US$20.96m).
Petra Armajaro will manufacture, sell and distribute premium cocoa ingredients in Europe. The company already holds a factory in Germany, a butter facility in France, a sales and supply chain management team in Holland and rights to the NordCacao specialised butter brand, Petra said.
The company said that the investment furthered its long term aim of establishing a direct presence in the European cocoa market.
Commenting on the venture, John Chuang, Petra CEO, said: “Petra Foods is very pleased to have Armajaro as its partner in this joint venture. We believe that the strengths of our two organisations will compliment each other and lead to increased value for both parties.”
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