ISTANBUL - Zuhal Seker Tucker, Ulker's corporate relations Director General said Godiva would continue as a stand-alone company and noted that after the legal procedures were concluded they would assess new strategies.
Tucker recalled that Campbell Soup had announced it would give up Godiva in August and said many countries including Nestle, Mars and Starbucks had submitted offers before their purchase.
Tucker said Ulker was the leader in chocolate sector in Turkey with a market share of 60 percent and said for the first time a Turkish brand was purchasing a global brand.
On the other hand, Campbell Soup Co. announced that they reached an agreement with Yildiz group (Ulker's subsidiary) for the sale of Godiva at a price of 850mn USD -- a price equal to 15 fold of company's earnings before interest, taxes, depreciation and amortization (EBITDA).
According to Campell Soup Co. annual sale of Godiva is approximately 500mn USD.
Douglas R. Conant, Campbell's President and Chief Executive Officer, said, "we are very pleased with the value we obtained for Godiva. The sale price reflects the strength of the Godiva business. Godiva is one of the world's leading premium chocolate businesses and is an excellent strategic fit within Ulker's portfolio. The agreement allows Ulker to expand and diversify its portfolio with an elite, global luxury brand and enables Campbell to sharpen our strategic focus on simple meals, anchored by soup, baked snacks, and vegetable-based beverages. I truly believe we have reached an agreement that benefits all parties-Campbell, Ulker, and Godiva and its employees.
According to press release issued by Ulker, Godiva which has been producing premium chocolate was founded in 1926 in Brussels by Chocolate master Joseph Daps who was inspired by the legendary story of Lady Godiva. According to legend, Godiva was an Anglo-Saxon noble woman who rode naked through the streets of Coventry in England to gain a remission of the oppressive toll imposed by her husband on his tenants.
Godiva's products range from biscuits to coffee, cacao to chocolate drinks and bars and are sold in 450 boutiques and 9300 sales points all around the world, said the press release.