MCLEAN, VA – October 6, 2008 – Mars,
Incorporated (“Mars”) announced today
that it has successfully completed its acquisition
of the Wm. Wrigley Jr. Company (“Wrigley”),
following approval of the transaction by Wrigley
stockholders on September 25, 2008 and receipt
of all necessary regulatory approvals. All shares
of Wrigley Common Stock and Class B Common Stock
are being purchased for $80 per share in cash,
or a total of approximately $23 billion.
“We are excited to welcome Wrigley and its
associates to our team,” said Paul S. Michaels,
President and Chief Executive Officer of Mars,
Incorporated. “Mars and Wrigley share a
culture of innovation, quality and integrity,
as well as a focus on providing consumers with
great-tasting products. The combination of our
two strong international businesses, with best-in-class
global brands, also creates one of the world’s
leading confectionery companies.”
“Today is the first day in an exciting new
chapter for the Wrigley Company,” said Bill
Wrigley, Jr., Executive Chairman of Wrigley. “The
similar histories, values and principles shared
by Mars and Wrigley provide a strong common foundation
on which to build a bright future together. Becoming
part of Mars opens up a world of opportunity for
the expansion of our brands, the growth of our
business, and the development of our associates.”
Upon completion of the acquisition, the Wrigley
Company becomes a subsidiary of family-owned Mars,
Incorporated and will retain its current headquarters
in Chicago, IL. Wrigley will operate as a separate
business segment, alongside the existing Mars’
business units of Chocolate, Petcare, Food, Drinks
and Symbioscience.
As part of the transaction, Mars will transfer
its global non-chocolate confectionery sugar brands
to the Wrigley subsidiary. This brand portfolio
includes Skittles®, Starburst®, Tunes®,
Lockets®, Rondo®, Kenman®, Skwinkles®
and Lucas® brands, as well as production facilities
in Scoresby, Australia; Porici, Czech Republic;
and Monterey, Mexico.
Financing for the transaction was provided by
Berkshire Hathaway, Goldman Sachs and JPMorgan.
Berkshire Hathaway will hold a minority equity
investment in the Wrigley subsidiary.
About Mars, Incorporated
Mars, Incorporated is a family-owned company that
produces some of the world’s leading confectionery,
food and pet care products and has growing beverage
and health & nutrition businesses. Headquartered
in McLean, Virginia, Mars, Incorporated operates
in more than 66 countries and employs more than
48,000 associates worldwide. The company's global
sales are over $22 billion annually. Founded in
1911, the company manufactures and markets a variety
of products under many of the world's most recognizable
trademarks, including DOVE®, MILKY WAY®,
M&M'S®, SNICKERS®, MARS®, UNCLE
BEN'S® Rice, ROYAL CANIN®, PEDIGREE®
and WHISKAS® pet care products, STARBURST®,
SKITTLES®. For additional information please
visit www.mars.com.
About the Wrigley Company
The Wm. Wrigley Jr. Company is a recognized leader
in confections with a wide range of product offerings
including gum, mints, hard and chewy candies,
lollipops, and chocolate. The company distributes
its world-famous brands in more than 180 countries.
Three of these brands – Wrigley's Spearmint®,
Juicy Fruit®, and Altoids® – have
heritages stretching back more than a century.
Other well-loved brands include Doublemint®,
Life Savers®, Big Red®, Boomer®, Pim
Pom®, Winterfresh®, Extra®, Freedent®,
Hubba Bubba®, Orbit®, Excel®, Creme
Savers®, Eclipse®, Airwaves®, Solano®,
Sugus®, P.K.®, Cool Air® and 5™.
B-Roll Information and
Satellite Coordinates
B-roll footage of Mars and Wrigley operations,
along with sound bites from Paul Michaels and
Bill Wrigley Jr. will be available via satellite
and a link on the Mars and Wrigley websites. To
access the B-roll feed via satellite, use the
coordinates below.
Monday, October 6, 2008
Feed time: 18:00 – 18:30 ET
Coordinates: Analog: Galaxy 28 / Trans 19
Feed time: 21:00 – 21:30 ET
Coordinates: Analog: Galaxy 28 / Trans 19
Tuesday October 7, 2008
Feed time: 05:00 – 05:30 ET
Coordinates: Analog: Galaxy 28 / Trans 19
Media Contacts:
For Mars
Brunswick Group:
Cindy Leggett-Flynn / Gemma Hart 212-333-3810