Mars, the privately-held candymaker responsible for classic chocolate brands such as M&M’s, Milky Way and Snickers, is rebranding its candy offerings as Mars Wrigley Confectionery and moving management of its confectionery business to Chicago. Mars bought Wrigley for $23 billion in 2008, but Warren Buffett’s Berkshire Hathaway, which helped fund the deal, retained a 20 percent stake of the purchased company. Mars, which is headquartered in McLean, Va., is a rare privately-held company competing with multinational, publicly-traded behemoths like Mondelez, Nestle and Hershey. Pacyniak said Wrigley was a smart acquisition for Mars, which bought the then-public company for its domination of the gum segment. The combination brings major gum brands including Doublemint and Orbit under the Mars umbrella.

Source: Washington Post October 06, 2016 19:57 UTC