Cargill has recently entered into an agreement to acquire Aalst Chocolate Pte. Ltd., a Singapore-based world-class chocolate manufacturer. Aalst Chocolate is also Singapore’s first locally-owned chocolate manufacturer established in 2003.
Pending regulatory approval, the acquisition will significantly expand Cargill’s Asia Pacific footprint, adding chocolate to its existing portfolio of sustainably-sourced cocoa products, already sold throughout the region.
Francesca Kleemans, Managing Director for Cargill Cocoa & Chocolate Asia-Pacific said, “The rapidly growing Asian marketplace is increasingly wielding its influence around the globe, sparking inspiration and driving international trends. Joining with Aalst strengthens our position in this critical region, enabling us to become the supplier-of-choice for industrial and foodservice customers. With an expanded selection of value-added and specialty chocolate products and deep technical expertise, together we can accelerate innovation, better helping customers create products that continue to surprise and delight.”
Aalst’s large customer base spans more than 50 countries, exporting to industrial, retail and foodservice clients in key markets such as India, China, Southeast Asia, Oceania, Korea and Japan. Its comprehensive portfolio features 6 distinct brands, with offerings that include both bake-stable and artisan chocolates and compounds, in addition to a range of premium retail chocolate products and luxury pralines.
The acquisition will allow both companies to leverage on their collective strengths, bringing customers increased security of a reliable supply of high-quality cocoa and chocolate products, better product sensory experience with their combined R&D competencies, and through the Cargill Cocoa Promise, access to a robust sourcing network that aims to ensure a thriving cocoa sector for generations to come.
Upon completion of the transaction, all Aalst assets including its state-of-the-art manufacturing plant in Singapore, R&D capabilities in Singapore and Shanghai, and its over 200 employees across the region, will join Cargill’s cocoa and chocolate Asia Pacific operations. Singapore, with its unparalleled supply chain infrastructure and extensive international trade agreements, remains Cargill’s strategic regional business hub.
Richard Lee, Founder & CEO of Aalst Chocolate Pte Ltd said, “Singapore and made-in-Singapore products are both highly regarded and reputed for meeting stringent world-class standards. We are proud of Aalst Chocolate’s heritage as a Singapore company with a renowned presence of over 18 years in Asia’s chocolate industry. Together with Cargill’s global expertise and experience, we believe that this new venture will be well-positioned to harness the full potential of exciting synergetic growth possibilities and become an ideal integrated chocolate solution provider for our customers.”
On the heels of Cargill’s acquisition of Aalst, the company is gearing up to start its first Asian chocolate manufacturing operations in India in September 2021, producing chocolate and chocolate compounds for the domestic market.
Prior to this, Cargill opened its first Asian cocoa processing facility in Gresik, Indonesia in 2014, and subsequently launched new Gerkens cocoa powders for the region in 2016 and 2019.
This new acquisition further affirms Cargill’s commitment to the sector and expands its presence in the fast-growing Asia Pacific cocoa and chocolate market, positioning the company as a trusted cocoa supplier, local chocolate manufacturer and regional chocolate expert.
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