ZURICH, SWITZERLAND — Barry Callebaut has reached an agreement to acquire the Cocoa Ingredients Division of Petra Foods, Ltd., Singapore, for $950 million.

The Cocoa Ingredients Division of Petra Foods had sales revenue of $1.3 billion and 1,700 employees in fiscal year 2011. Barry Callebaut said the acquisition will support further chocolate growth by increasing integrated cocoa sourcing and processing activities; strengthen current and future outsourcing and partnership agreements; boost sales volume in emerging markets; help the company become a pro-active market player in the cocoa powder market; and add Asia as a strong cocoa sourcing base. Overall, the acquisition will increase Barry Callebaut’s sales volume in Asia and Latin America by 65%.

“The acquisition marks a major step forward in the implementation of our four-pillar growth strategy,” said Juergen Steinemann, chief executive officer. “A stronger integrated position in sustainable cocoa sourcing and processing is important to keep growing our chocolate business over-proportionally, especially in emerging markets. The deal also allows us to become a strategic supplier of specialty cocoa powders and meet the growing integrated value chain requirements of our customers and partners. Moreover, Barry Callebaut will gain valuable know-how and become even more global.”

The transaction also includes a long-term agreement with Petra Foods’ branded consumer division to supply it with cocoa products to meet 75% of its total needs. The deal is subject to shareholder and regulatory approval but is expected to close in summer 2013.