Dive Brief:
- Chocolat Frey, a top-ranked Swiss chocolate manufacturer, has strengthened its presence in the North American market by acquiring SweetWorks, Inc. with the sale made retroactive to January 1, 2014.
- SweetWorks operates a production plant in Buffalo, N.Y., with about 200 employees, and owns a subsidiary, Oak Leaf Confections Co., in Toronto that employs around 250 workers.
- Though all of the North American market activities of Chocolat Frey and SweetWorks will be combined under a single management, SweetWorks is to continue operating as an independent group of companies, and Philip Terranova will continue to occupy the position of president of SweetWorks.
Dive Insight:
Chocolat Frey says SweetWorks was a good fit because the two confectionery companies focus on the production of high quality chocolate and chewing gum and also offer complimentary products. SweetWorks offers a variety of chocolate and chewing gum products, including Sixlets and Niagara Chocolates. It also co-manufactures product for other confectionery brands in North America. Chocolate sales continue to be very strong, making that particular confectionery category one marked by growth, as we saw here.