MEXICO CITY -- Swiss food company Nestle S.A. will expand its holdings in the world chocolate market when it acquires Mexico's largest chocolate maker, Fabrica de Chocolates La Azteca S.A. de C.V., from Chicago-based Quaker Oats Co.
In a definitive agreement announced last month, Nestle's Mexican subsidiary Nescalin S.A. de C.V. agreed to purchase La Azteca for an undisclosed price.
Quaker Oats had previously announced plans to sell the Mexican unit to help finance its acquisition of U.S.-based Snapple Beverage Co., a $1.7 billion purchase which was completed Dec. 11. William Smithburg, Quaker chairman and chief executive officer said the company also would divest its European
pet food business as part of a "realignment of Quaker's portfolio."
La Azteca, based here, makes chocolate candy, tablets and powder, as well as industrial and export products in three factories. Its brands include Carlos V, Abuelita, Freskas, Larin Seeds and Tin Larin. The company's annual sales for the year ended June 30, 1994, were about $98 million.