Global confectionery giant Mars plans to buy out investment firm Berkshire Hathaway in order to obtain full control over the gum business Wrigley, the company has announced.
Once the buyout has been completed, the new firm will be known as Mars Wrigley Confectionery and will hold chocolate brands such as Snickers, Galaxy and Maltesers as well as mint and gum brands Extra, Orbit and Doublemint.
With full control of Wrigley, Mars will have 13.5% global market share in confectionery gum, making them the market leader ahead of rivals Mondelez and Nestle, the Financial Times reports.
Grant F Reid, office of the president and CEO of Mars, said: “We are grateful for the strong and productive partnership we have with Warren Buffett and Berkshire Hathaway. It is a great relationship that has yielded value on both sides. We’re equally pleased that sole ownership of Wrigley provides us with an opportunity to rethink how we simplify our Chocolate and Wrigley businesses so that we can bring a more holistic approach to this vibrant category”.
Source: Mars / Financial Times