LUXEMBOURG — The acquisition of Wells Enterprises and Fresystem Group combined with the launch of new Kinder and Rocher products helped lift consolidated turnover at the Ferrero Group by 21% in the fiscal year ended Aug. 31, 2023.
Ferrero said consolidated turnover in the year ended Aug. 31 was €17 billion, up from €14 billion in the previous fiscal year. Also during the year, Ferrero said it added 5 manufacturing plants across the world, giving it 37. The company’s global workforce also increased, rising to 47,212 from 41,441.
“We are pleased to report a period of strong growth despite the economic and geopolitical challenges, with continued inflationary pressures remaining a factor across the globe,” said Daniel Martinez Carretero, chief financial officer of Ferrero Group. “In addition to revenue growth, the global workforce has also grown by over 5,000 people, which is a testament of the long-term vision of our business strategy.”
Acquisitions were a key part of Ferrero’s growth during 2023, highlighted by the January 2023 purchase of Wells Enterprises Inc., Le Mars, Iowa. The acquisition gives Ferrero a position in the North American ice cream and frozen novelties market through such Wells’ brands as Blue Bunny, Blue Ribbon Classics, Bomb Pop and Halo Top.
Ferrero also finalized its acquisition of Fresystem Group, an Italian family-owned business that makes frozen bakery products. The acquisition followed the launch of Nutella Muffins, which have been produced by Fresystem since 2021, Ferrero said.
Innovation also was at the forefront of Ferrero’s strategy in 2023. The company expanded its presence into new categories in 2023, including the packaged sweet goods category with the launch of individual wrapped Nutella B-Ready wafers and Nutella Biscuits. Both products had been available globally but were the first new Nutella snacks released in the United States since 2012 when Nutella &GO! was launched.
Ferrero said it invested €811 million in the 2022-23 fiscal year to expand production capacity to meet increasing demand for its products. The main investments were property, plant and equipment in Germany, Italy, Spain and the United States, the company said.