Mars Inc. has entered into an agreement to acquire Grupo Turin, a Mexican manufacturer of high-quality chocolates founded in 1928.
The acquisition will put Mars in a position to take advantage of the projected growth of the Mexican chocolate category over the next decade. Although still subject to approval by the Mexican Antitrust Commission, the transaction is expected to be complete in the first quarter of 2016.
"When this transaction is completed, we will be proud to welcome Turin Associates to Mars," says Jean-Christophe Flatin, global president, Mars. "The strong cultural heritage of the two companies and our shared commitment to develop best in class talent, quality products and brands are great fundamentals on which to deliver value to our customers and our consumers in Mexico."
Turin is the owner of the Conejos and Turin brands. Its portfolio fits strategically with Mars Chocolate's current product offerings. Acquiring Turin and leveraging the robust food service business will allow Mars to continue its growth in the chocolate market in new ways.
Both Turin and Mars are family-owned businesses that share similar core principals. Turin's commitment to quality has allowed it to build a trusted brand that consumers love. With more than 85 years of experience, Turin also has a long history of building strong global partnerships.
The Mexican manufacturer's success will also provide Mars with new capabilities insights and add significant value to the business.