Barry Callebaut Considers Separating Cocoa Division

Swiss chocolate group Barry Callebaut, the world’s largest chocolate manufacturer, is reportedly considering separating its cocoa division as part of a strategic review aimed at reducing exposure to commodity price volatility.

According to sources familiar with the matter, the company is evaluating several structural options, including a spin-off, a partial or full sale, or the creation of a joint venture. The initiative remains under review and no final decision has been taken.

The potential separation would allow Barry Callebaut to sharpen its focus on its higher-margin chocolate manufacturing and specialty segments, including contract production for major global brands such as Nestlé and Magnum.

The cocoa division plays a central role within the group, supplying both Barry Callebaut’s own processing facilities and third-party industry clients. Separating the business could help insulate the group from cocoa price swings while improving access to financing by clearly differentiating risk profiles between commodity-linked and value-added activities.

Discussions have reportedly begun with financial advisers to assess the feasibility and structure of a potential transaction. Barry Callebaut has not officially commented on the reports but has reiterated its commitment to a strategy focused on sustainable growth, balance-sheet discipline, and debt reduction.

Barry Callebaut currently operates through three main divisions: Cocoa, Food Manufacturers, and Gourmet & Specialties. Cocoa prices surged sharply in 2024 following poor harvests in West Africa, before easing in 2025 as global production recovered.

Shares in Barry Callebaut rose around 10% today, marking their strongest daily performance since April 2024, as investors reacted positively to the strategic review.