Mars has acquired chewing gum company Wrigley in a deal worth $23bn (£11.6bn).
As part of the deal, Wrigley will operate as a subsidiary of Mars from its headquarters in Chicago and Mars' non-chocolate sugar brands, including Starburst and Skittles, will be added to Wrigley's portfolio.
“We see this as an historic opportunity to preserve what is special about the Wrigley Company in terms of value and culture while continuing to grow and develop our associates, invest in our brands and drive long-term generational growth,” said Wrigley chairman Bill Wrigley.
US investor Warren Buffett, whose investment vehicle Berkshire Hathaway provided $4.4bn of debt for the deal, added: “Bringing together these iconic, world-class companies combines Wrigley's strengths with the deep resources and proven brand-building savvy of Mars and will result in a powerful force of innovation and growth in the global confectionery marketplace.”
As part of the deal, Wrigley will operate as a subsidiary of Mars from its headquarters in Chicago and Mars' non-chocolate sugar brands, including Starburst and Skittles, will be added to Wrigley's portfolio.
“We see this as an historic opportunity to preserve what is special about the Wrigley Company in terms of value and culture while continuing to grow and develop our associates, invest in our brands and drive long-term generational growth,” said Wrigley chairman Bill Wrigley.
US investor Warren Buffett, whose investment vehicle Berkshire Hathaway provided $4.4bn of debt for the deal, added: “Bringing together these iconic, world-class companies combines Wrigley's strengths with the deep resources and proven brand-building savvy of Mars and will result in a powerful force of innovation and growth in the global confectionery marketplace.”
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