Mars to acquire Mexican chocolate firm Grupo Turin

US confectionary manufacturer Mars has signed an agreement to buy Mexican chocolate business Grupo Turin, which owns brands such as Conejos and Turin.

Following approval from the Mexican Antitrust Commission, the transaction is expected to be completed in the first quarter of 2016.

Mars believes that the acquisition of Grupo Turin, combined with the capabilities of its local team, will help it to leverage the estimated growth of the chocolate category in Mexico over the next ten years.

Turin’s product lineup serves as a strategic fit for Mars Chocolate’s existing product offerings. Mars Chocolate will be able to continue charting its profitable growth in the market in new and innovative ways by leveraging Turin’s Food Service business.

Mars global president Jean-Christophe Flatin said: "When this transaction is completed, we will be proud to welcome Turin Associates to Mars.

"The strong cultural heritage of the two companies and our shared commitment to developing best in class talent, quality products and brands are great fundamentals on which to deliver value to our customers and our consumers in Mexico."

Turin was formed in 1928. Following the acquisition, Turin will remain a family-owned business. It employs over 800 associates in Mexico and has production facilities in Toluca, Mexico.

Mars owns major food and pet-food brands that include M&M’s, Pedigree, Snickers, Doublemint, and Uncle Ben’s.

It has over $33bn in sales from six diverse business segments, namely petcare, chocolate, gum, food, drinks and symbioscience.

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Image: Snickers, a brand owned by Mars. Photo: Courtesy of Mister GC/FreeDigitalPhotos.net.