Chocolat Frey has acquired a majority of the stock of SweetWorks, Inc. retroactively as of January 1, 2014. Headquartered in Buffalo, N.Y., SweetWorks operates a production plant in Buffalo with approximately 200 employees, and also owns a subsidiary, Oak Leaf Confections Co., in Toronto, Ontario, Canada that employs around 250 workers. SweetWorks will continue to operate as an independent group of companies and their production facilities and staff will remain in place. Current owner and CEO Philip Terranova will continue as President of SweetWorks. The purchase price is undisclosed.
SweetWorks and Chocolat Frey pursue comparable business models with the production of high quality chocolate and chewing gum. The assortment structures of the two companies complement each other strategically. Mutual synergies can be found along the entire value chain.
All of the North American market activities of Chocolat Frey and SweetWorks will be combined under a single management. With the acquisition, Chocolat Frey is strengthening its market presence in the United States and Canada.