Wrigley stuck on Joyco Group
Chicago-based chewing gum manufacturer Wrigley has agreed to pay $272m (€213m) in cash for a subsidiary of Spanish food conglomerate Agrolimen.
The world’s largest chewing gum maker will buy the confectionary businesses aligned to the Joyco group in a move that reflects changes made after a management shake-up last year.
After a failed attempt to buy chocolate bar maker Hershey in September 2002, company chairman and chief executive Bill Wrigley said the firm would take a more strategic focus in the future.
Today’s acquisition sees Wrigley takeover Joyco’s operations in Spain, France, Italy, Poland, India and China as well as its chewing and bubble gum business.
Chairman Bill Wrigley said today: "The key drivers of acquisitions for the Wrigley Company are strategic fit and the potential for significant value creation."
