Lindt expands portfolio with Russell Stover deal

KANSAS CITY, Mo. — Lindt & Sprüngli Group announced on Monday that it has reached an agreement to purchase Russell Stover Candies. The Russel Stover and Whitman's brands will complement Lindt & Sprüngli's existing portfolio of premium chocolates, making it the No. 3 North American chocolate manufacturer, the company said.

"This biggest and most important strategic acquisition to date in Lindt & Sprüngli's history is a unique opportunity for us to expand our North American chocolate business and will greatly enhance the group's status in the world's biggest overall chocolate marketplace," said Ernst Tanner, chairman of the Lindt & Sprüngli board of directors and group CEO.

Russell Stover reports annual sales of close to $500 million and has been headquartered in Kansas City, Mo., for more than 80 years. In addition to four chocolate factories, the company runs a chain of 35 retail outlets, most of which are located in the central United States. The company will continue to maintain headquarters in Kansas City. Financial terms of the deal were not released by the company, but Reuters reported that it's around one billion dollars.

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