Cadbury Schweppes plc announces today the acquisition of the confectionery brand, Mantecol, in Argentina, for $22.6 million (15.4 million pounds sterling) from the Argentine company Georgalos Hnos SAICA. The acquisition also includes associated equipment and technical expertise.
This acquisition strengthens the portfolio of Cadbury Stani, Cadbury Schweppes’ existing business in Argentina, giving it three of the top ten selling Argentine confectionery brands – Beldent chewing gum, No 1, Mantecol, No 6 and Bazooka bubble gum, No 7.
Mantecol, a combination of sugar confectionery and peanut paste, is a unique product with no direct competition in the Argentine market. Originally similar to the Middle Eastern product Halva, but made from peanuts, Mantecol is sold both in plain format and chocolate coated. Launched in the 1940s and enjoyed both as a confection and as a dessert at mealtimes, Mantecol had an 11% share of the chocolate market in 1999.
John Brock, Chief Operating Officer of Cadbury Schweppes plc, commented on the acquisition, “Mantecol adds another strong, profitable brand to our portfolio in Argentina. We see good potential for growth as Mantecol will benefit from our greater sales coverage.”
Mantecol will be incorporated into Cadbury Stani with minimal additional costs and capital expenditure. The acquisition is subject to competition authority approval.
just-food.com recently published an article called ” International Confectionery Industry – New Round of Consolidation?”, to read it, click here