On August 1, Hershey Foods Corp. announced it acquired Brazilian chocolate and confection maker Visagis, which will give the US chocolate maker a manufacturing presence in South America. Terms of the transaction were not disclosed. "This acquisition enables us to establish a manufacturing presence in South America, thereby reducing importation cost, increasing customer service and providing a platform for furthering our growth opportunities in the Southern regions of South America," William Christ, Hershey executive vice president and chief operations officer, said in a news release. Included in the acquisition are the IO-IO brand of hazelnut crème items and the chocolate and confectionery products sold under the Visconti brand. Visagis will continue to sell cakes and bakery goods under the Visconti brand name. The acquisition also includes a manufacturing plant and confectionery equipment in Sao Roque, near Sao Paulo. The operation will manufacture Hershey's branded moulded chocolate confectionery products such as bars and Hershey's KISSES chocolates. The acquired local brands, with sales of about $20 million will add to Hershey's branded products to be made there.
