|Bid||1,771.00 x 0|
|Ask||1,772.00 x 0|
|Day's Range||1,749.00 - 1,774.00|
|52 Week Range||1,165.00 - 1,775.00|
|PE Ratio (TTM)||38.77|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Chocolate maker Barry Callebaut AG has bought the ingredients division of family-owned U.S. firm Gertrude Hawk Chocolates in a move designed to strengthen the Swiss company's high-margin gourmet and specialties business. The acquisition, made for an undisclosed sum, comes as chocolate makers grapple with weak global demand as health-conscious consumers increasingly shun chocolate. "The acquisition allows us to expand our product portfolio into new markets and offer an even wider range of products and services than before," Barry Callebaut Chief Executive Antoine de Saint-Affrique said in a statement.
Philip Hammond has called for a Brexit transition deal that would give business a cushion of a "couple of years" after the UK leaves the EU as he accused hardliner cabinet members of trying to undermine him. Barry Callebaut AG Chief Executive Antoine de Saint-Affrique said sales had accelerated in recent months and would return to a "normal rhythm" of growth as global chocolate sales are poised for a revival amid industry innovation and tumbling cocoa bean prices spur growth.
Renegade troops in Ivory Coast accepted a government proposal on bonuses and returned to barracks on Tuesday, ending a mutiny that had closed businesses, shut major roads and threatened years of economic progress in the world's top cocoa producer. The dissident soldiers, mostly former rebels who helped bring President Alassane Ouattara to power, rejected an earlier offer late on Monday.
Ghana's Cocobod is considering proposals to discount its premium main crop beans to local grinders as part of the new government's plans to increase local processing to 50 percent of annual output, the regulator's board chairman said on Wednesday. Locally processed beans in the world's second largest cocoa producer have dropped to below 30 percent in the last two years from around 38 percent previously due to lack of cheaper beans, Hackman Owusu-Agyemang told reporters after a tour of the plants.
Swiss chocolate maker Lindt & Spruengli expects like-for-like sales to increase by another 6 percent this year, at the lower end of its long-term target, in a sign that a shrinking overall market in the United States is making growth more difficult. Global chocolate demand is down as consumers tend to prefer healthier snacks, but Lindt has so far bucked that trend by marketing its Easter bunnies and Lindor chocolate balls as high-quality treats customers can indulge in at special moments. Lindt faced difficulties in 2016 due to high cocoa bean and butter prices, subdued consumer sentiment in its biggest markets and price-sensitive trade partners.
Cocoa grinders in Ivory Coast are holding off on new investments after military and social unrest this month, potentially denting government plans to boost processing of the commodity in the world's top grower. Ivory Coast has emerged from a 2002-2011 political crisis as one the world's fastest growing economies, attracting foreign investment into everything from the cocoa industry to breweries and shopping malls.
Brazil's new-crop cocoa production is poised for a recovery after a steep fall in the previous season due to drought, according to estimates from an analyst and the main local industry association. According to the AIPC, the association which represents cocoa processors in the country such as Olam, Cargill and Barry Callebaut, Brazil should produce around 200,000 tonnes of cocoa almonds in 2016/17 (Oct-Sept) compared to 150,000 tonnes in the previous season. Brazil's cocoa industry has an installed capacity to process 275,000 tonnes, among the five largest processing centers in the world, but usually grinds around 240,000 tonnes.