Barry Callebaut, the world's biggest industrial chocolate maker, said on Wednesday it will close a cocoa factory in Thailand and cut capacity in Malaysia, the latest sign that over capacity and falling demand in Asia are hurting profits.
The Swiss-based company, which makes chocolate for companies including Hershey Co, reduced its sales growth targets to try and maintain profit margins after reporting a worse than expected drop in full-year net profit.
Barry Callebaut will close a cocoa factory in Bangpakong, Thailand, by the end of January 2016, and immediately reduce production capacity in Port Klang, Malaysia, the company said.
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The Swiss-based company, which makes chocolate for companies including Hershey Co, reduced its sales growth targets to try and maintain profit margins after reporting a worse than expected drop in full-year net profit.
Barry Callebaut will close a cocoa factory in Bangpakong, Thailand, by the end of January 2016, and immediately reduce production capacity in Port Klang, Malaysia, the company said.
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