In a move that will make Barry Callebaut the world’s largest cocoa processor, the company is acquiring the cocoa ingredients division from Petra Foods, Singapore for $950 million.

The deal is expected to boost Barry Callebaut's sales volume in the Asia and Latin America markets by 65% and also will help the company expand its cocoa powder market share.

It also will allow Barry Callebaut to create a sourcing base in Asia. Currently Barry Callebaut’s only sourcing base is West Africa.   

Petra Foods' Cocoa Ingredients Division is the largest cocoa ingredients supplier in Asia, with sales revenue of approximately $1.3 billion in fiscal year 2011 and about 1,700 employees.

The transaction also includes a long-term agreement with Petra Foods' branded consumer division to supply it with cocoa products covering 75% of its total needs.

The deal, which is subject to approval by Petra Foods' shareholders as well as by regulatory authorities, is expected to close this summer.

Zurich-based Barry Callebaut is the world's leading manufacturer of high-quality cocoa and chocolate - from the cocoa bean to the final chocolate product. Barry Callebaut is present in 30 countries, operates around 45 production facilities and employs a diverse and dedicated workforce of about 6,000 people.