The company confirmed its outlook for sales to grow 6-8 per cent this year and for an increase in its earnings before interest tax (EBIT) margin by 20 to 40 basis points.
In a separate statement, Lindt said sales grew 6 per cent in the first half to 1.2 billion Swiss francs ($1.34 billion), in line with the average forecast in a Reuters poll for 1.195 billion francs. The company sells its products in more than 70,000 drug stores, card and gift shops, grocery stores, department stores and retail stores throughout the United States and in more than 20 countries worldwide.
Russell Stover, based in Kansas City, Missouri, is the third-largest US candy company by sales, with annual revenues of around $500 million. The maker of gold foil-wrapped chocolate bunnies said the deal would be financed through cash and bank loans and is expected to make a strong contribution to earnings per share from 2015. If the price estimate is correct, Cox said it would represent a "hefty multiple" of 23.3 times earnings before interest tax, depreciation and amortisation (EBITDA). Media reports over the weekend suggested Lindt was discussing a price of around $1.4 billion. The Ward family put privately held Russell Stover, which also produces Whitman's brand chocolates, up for sale earlier this year and has been working with Goldman Sachs to find a buyer. Shares in Lindt were up 1.4 per cent at 4,568 francs by 0733, outperforming a 0.5 per cent firmer European food and beverage index. Kepler Cheuvreux analyst Jon Cox was also taken aback, saying he had expected any deal to come in a large emerging market such as Russia or Brazil rather than in the United States, where Lindt bought Ghirardelli in 1998, its last big acquisition. However, he said the acquisition should strengthen Lindt's presence in the seasonal business, such as chocolates for Valentine's Day and Easter, and give it more sales outlets in central US states. Vontobel analyst Jean-Philippe Bertschy was surprised by the move since Russell Stover is known for its boxed chocolates sold in drug stores and gift shops, which are expected to grow at a slower rate than chocolate overall. Give me an example where you were trying to sell a product, they said no and it turned into a yes.
With the addition of Russell Stover, sales in the region should exceed $1.5 billion in 2015, the company said. I interviewed at Russell Stover (Dallas, TX) Interview 1. Pros Fun product line to sell, good salary and benefits. Worked as the West Coast trainee for new employees. Sold and merchandised Russell Stover Candies in these locations. In March, the maker of Lindor chocolate balls said its North American sales should top $1 billion this year. Sales Representative (Former Employee) - Minneapolis-Saint Paul, MN - OctoRepresented a sales territory with both grocery stores and Walmarts. "This biggest and most important strategic acquisition to date in Lindt & Spruengli's history is a unique opportunity for us to expand our North American chocolate business," Lindt Chairman and Chief Executive Ernst Tanner said in a statement. Lindt did not disclose the price of the deal that makes it the No.3 chocolate producer in the United States behind Hershey and Mars and enables it to diversify further beyond the European market where it gets the largest chunk of its sales. The Lindt truffles are gone and the only chocolate left in the Whitman Sampler is Raspberry Cream ( Thank you, chocolate map).Īlso, Russell Stover has a chocolate hack available on its web site.ZURICH - Swiss chocolate maker Chocoladefabriken Lindt & Spruengli said it had agreed to acquire family-owned US candy business Russell Stover, giving it a bigger presence in the world's largest chocolate market. After doing my necessary background research, I put these both in the communal kitchen. Incidently, to help research this article, I purchased a Whitman Sampler and a bag of Lindt truffles from Duane Reade. In the audio player above, I imagine how the Russell Stover/Lindt relationship would start off…
RUSSELL STOVERS SALESX PROFESSIONAL
What is the professional equivalent of candlelit dinners and long walks on the beach? What is the corporate translation of a hardworking, athletic non-smoker? It would be great if they had to write personal ads the way people do. This made me wonder how companies find each other for these sorts of deals. The merged company should hit an estimated $1.5 billion in sales per year. Russell Stover, maker of the fabled Whitman Sampler, just got bought out by Chocoladefabriken Lindt & Spruengli, a.k.a, Lindt.
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