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Lotte to buy GuylianLotte to buy Guylian
Andrew Pentol
23-Jun-2008
The South Korean group's publicly listed confectionery subsidiary is to buy 100% of the Belgian chocolatier
Lotte Confectionery and Guylian have announced an agreement allowing the South Korean group to buy 100% of the shares in the Belgian chocolate specialist and its subsidiaries. Under the terms of the agreement, Guylian will maintain its existing management team. Lotte and Guylian's former family shareholders have agreed to continue investing in various elements including management and employees, the Sint-Niklaas plant and Guylian brand name.
On completion of the agreement, Guylian will benefit from Lotte’s distribution in Asian confectionery markets, its knowledge of marketing and development of new products. Guylian will also be able to strengthen its distribution network and network of Belgian Chocolate Cafés. The acquisition will diversify Lotte’s confectionery business on a product, channel and geographic basis and enable it to enter European markets. Lotte will also benefit from Guylian’s strong brand name in the premium boxed chocolate segment and its strong position in worldwide duty-free.
Guylian managing director Carl Krefting said: “The partnership with Lotte is an historic event and in line with our strategy to make the next quantum leap in the confectionery industry and to take full advantage of the potential of the everyday confectionery market and fast growing Asian markets. I am very happy that we have found a new platform for growth for the company which is of great importance to everyone in the Guylian team in Belgium and around the world.”
Lotte Confectionery president Sang-Hoo Kim added: “We are very enthusiastic about our future partnership with Guylian. Our acquisition of Guylian is an important milestone in Lotte’s development as a truly global group.”
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