Wrigley officially teams with Mars
Mars, Incorporated announced overnight that it has successfully completed its acquisition of the Wm. Wrigley Jr. Company, following approval of the transaction by Wrigley stockholders on September 25, 2008 and receipt of all necessary regulatory approvals.
Upon completion of the US$23b acquisition, the Wrigley Company becomes a subsidiary of family-owned Mars, Incorporated and will retain its current headquarters in Chicago, Ilinois. Wrigley will operate as a separate business segment, alongside the existing Mars’ business units of Chocolate, Petcare, Food, Drinks and Symbioscience.
“We are excited to welcome Wrigley and its associates to our team,” said Paul S. Michaels, President and Chief Executive Officer of Mars, Incorporated. “Mars and Wrigley share a culture of innovation, quality and integrity, as well as a focus on providing consumers with great-tasting products. The combination of our two strong international businesses, with best-in-class global brands, also creates one of the world’s leading confectionery companies.”
“Today is the first day in an exciting new chapter for the Wrigley Company,” said Bill Wrigley, Jr., Executive Chairman of Wrigley. “The similar histories, values and principles shared by Mars and Wrigley provide a strong common foundation on which to build a bright future together. Becoming part of Mars opens up a world of opportunity for the expansion of our brands, the growth of our business, and the development of our associates.”
As part of the transaction, Mars will transfer its global non-chocolate confectionery sugar brands to the Wrigley subsidiary. This brand portfolio includes Skittles®, Starburst®, Tunes®, Lockets®, Rondo®, Kenman®, Skwinkles® and Lucas® brands, as well as production facilities in Scoresby, Australia; Porici, Czech Republic; and Monterey, Mexico.
The deal makes Mars the world’s largest confectioner, usurping Cadbury for the title.