Cadbury buys gum firm
Created: Jun 08, 2007 11:00 AM
LONDON (AP) — Confectionery and soft drinks maker Cadbury Schweppes PLC said yesterday it agreed to buy Intergum, a privately owned Turkish gum business, from the Amram family.The company said the deal was for $450 million in cash and debt, and declined to say how much debt was included in that figure. "The acquisition of Intergum will strengthen our participation in the fast-growing Turkish confectionery market," the company said in a statement.
The deal is subject to regulatory approval by the Turkish Competition Board and is expected to be complete in the third quarter of 2007.
In 2006, Intergum, the maker of "First" gum, had a 46 percent share of the Turkish gum market.