ADM's chocolate business for sale, again. This time they mean it 8-)
http://www.reuters.com/article/2014/04/15/us-adm-cocoa-deals-idUSBREA3E1ZK20140415
Actually, they meant it last time as well, but ADM was hoping to purchase a large grain business based in Australia, and the sale of the cocoa/chocolate business was meant to fund that. Australia decided they didn't want a non-aussie owner of that large of a business, so the deal fell through, creating a bit of an embarrassing scenario as they could no longer sell the unit, but already had announced the intent to do so. I'm guessing employee engagement's not at an all time high at those facilities. I suspect that including the cocoa elements in a sale - which is almost certainly going to have Cargill as the buyer - creates very difficult regulatory issues, so ADM's kept the more profitable cocoa sector and is peeling off their chocolate business, including the almost entirely empty (thanks to the BC outsourcing deal), but brand spankin' new, hazelton facility.
updated by @sebastian: 12/13/24 12:16:07
