Theo Chocolate, a US chocolate maker, has announced it is planning to merge with confectionery firm American Licorice Co in order to restructure its operations, which will result in the closure of its Seattle factory and a reduction in staff headcount.
In its 18 years of operation, Theo Chocolate said it had transformed from a local Seattle-based company into a nationally-distributed brand. It will join American Licorice Co’s portfolio of organic and better-for-you brands, including Torie & Howard and Zing Bar.
Commenting on the merger, Theo Chocolate CEO Etienne Patout said: “Like other businesses, we are contending with rising costs across all aspects of our manufacturing and supply chain, requiring us to change. We’ve had to make some tough but necessary decisions to ensure the company’s long-term viability”.
The transaction is scheduled to close in the third quarter of 2023. Financial terms were not disclosed.
Source: Theo Chocolate