Cadbury Schweppes is set to buy Turkish gum business Intergum in a deal worth US$450m, the UK confectionery giant said today (7 June).
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The deal, which is expected to close in the third quarter of the year, will strengthen Cadbury’s presence in Turkey’s gum sector, where sales grew 17% last year.
Intergum holds a 46% share of the gum market in Turkey and also exports some products to markets in the Middle East, the Balkans, Russia and the CIS.
Cadbury CEO Todd Stitzer said: “Intergum is highly complementary to our current operations in Turkey, where we have a leading position in the candy market.”
Turkish gum sales stood at $232m last year, with the fastest growth in the last three years coming from sugar-free gum, which accounts for 47% of sales.
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By GlobalDataThe deal to buy Intergum comes days after Cadbury announced it would sell off operations in Australia, Italy and Canada for a combined GBP45m (US$85m).
