Spanish lollipop maker Chupa Chups told just-food today (17 May) that it is seeking a strategic alliance with a big company to further its presence in the US and Latin America, denying rumours that the company was involved in a potential sales process.
A report in the Sunday Times this weekend suggested that the company had engaged the services of a financial firm to investigate sale possibilities. This sparked much speculation in the industry that Chupa Chups has moved to quell.
“I would like to stress that the Sunday Times got confused because we have not committed any financial company for the selling of the company,” José Antonio Lisbona, president and CEO of Citigate Sanchis, told just-food.
“On the other side, we actually want to reinforce the presence of Chupa Chupa is the US and Latin American market. To do so, we have committed a financial company to analyse the possibility of reaching a strategic alliance with a strong partner in these geographical areas with the target of strengthening the development of the company,” he said.
The Chupa Chups board of directors recently prepared a five-year strategic plan designed to improve the company’s competitiveness and market position. An important element in the plan, the company said, was its international development – particularly in the US and Latin America. In order to achieve this, the company has commissioned ‘several’ companies to analyse the sector and search for a big firm as a potential partner.