Archer Daniels Midland (ADM) has withdrawn plans to sell its global cocoa business and is now pursuing options to divest its chocolate business.
The decision comes as the company's negotiations to divest cocoa unit were not successful.
ADM stated that it will retain majority of its cocoa press operations.
The company has chocolate manufacturing operations in Hazleton, Pennsylvania; Milwaukee, Wisconsin; Georgetown, Ontario; Liverpool, UK; Manage, Belgium; and Mannheim, Germany.
ADM chairman and CEO Patricia A Woertz said, "Over the last year or so, we've taken significant actions to improve our cocoa business, most notably by significantly reducing invested capital.
"At the same time, we have also seen industry conditions improve as crop supplies have returned to normal."
"We are taking action to realize returns today and positioning ourselves for continuing profitable growth around the globe in the future."
Last year, ADM was in talks with agribusiness firm Cargill to sell its global cocoa business, valued at $2bn.
Image: The decision comes as the company's negotiations to divest cocoa unit were not successful. Photo: courtesy of Grant Cochrane / FreeDigitalPhotos.net.
