Barry Callebaut and Petra Foods settled their dispute regarding the purchase price for the Cocoa Ingredients Division, which Barry Callebaut had acquired from Petra Foods in 2013.
As a result of the settlement, Petra Foods has paid to Barry Callebaut the lump sum of US$38.8 million in cash. The negotiations were conducted amicably and outside the arbitration proceedings commenced by Petra Foods in December 2013, which proceedings are now discontinued.
The dispute did not have any impact on the transfer of the Cocoa Ingredients Division to Barry Callebaut, which had been taken over entirely as of the closing of the transaction and was subsequently integrated into the Barry Callebaut Group’s cocoa business.
As part of the settlement the parties agreed to extend the term of the cocoa supply agreement until end of June 2020.
The parties agreed to not disclose any further details of the settlement.