Swiss group Barry Callebaut, the world's leading chocolate manufacturer, is considering separating its cocoa division to reduce its exposure to commodity price volatility. According to sources familiar with the matter, several scenarios are being studied, ranging from a spin-off, followed by a partial-to-full sale, or the creation of a joint venture. This project, which is still under review, would enable the company to focus on its most profitable segments, such as producing chocolate for brands such as Nestlé or Magnum.
The cocoa division plays a key role by supplying both Barry Callebaut's own plants and other industry players. By separating this activity, the group could not only shield itself from commodity market fluctuations, but also improve its access to financing by differentiating risk profiles. Discussions have begun with advisers to assess the feasibility of the transaction. Officially, Barry Callebaut has not commented on this information, although reiterates its commitment to an investment strategy focused on sustainable growth and debt reduction.
Barry Callebaut is organized around three main divisions: cocoa, products for the food industry, and finally the gourmet & specialties segment. In 2024, cocoa prices surged due to poor harvests in West Africa, before easing in 2025, thanks to a recovery in global production. Barry Callebaut shares are up 10% today.
