Tangerine Confectionery to acquire Cadbury business
January 18, 2008
by FoodBusinessNews.net Staff
LONDON — Tangerine Confectionery Ltd. announced plans to acquire Cadbury Schweppes’ Monkhill business for $113,500,000 (£58 million) in cash. The transaction is expected to be completed in February.
The Monkhill business manufactures sugar confectionery and popcorn for the U.K. market. Its 2007 revenue is expected to be about £76 million.
"To acquire brands and products of such heritage is a mouth-watering prospect," said Steven Joseph, Tangerine chairman. "There is no doubt that this major acquisition will significantly enhance Tangerine, creating a business with a turnover of £150 million and 1,500 employees. The combined entity will have an increased selling capability and a much wider product offering. Tangerine will be able to provide the trade and consumers with the most comprehensive sugar confectionery range available."
Tangerine is headquartered in the U.K. and products include marshmallows, liquorice allsorts, hard-boiled sweets, gums and jellies, and brands include Princess Marshmallows, Taveners and MOJO.
This sale completes Cadbury’s program of disposing of non-core brands and businesses.