Chocolate giants, Hershey and Barry Callebaut, have teamed up for a landmark partnership which will see the Swiss cocoa producer providing the raw material for Hershey's chocolate products and expanding facilities in South America.

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The alliance will further consolidate the fiercely competitive global chocolate market and boost growth at both businesses. It is expected to be completed by the end of May.

Under the terms of the agreement, Hershey and Barry Callebaut will not just be entering into a supply deal but actively teaming up on research and development into health and wellness trends, ingredients-based research, market innovation and promoting a sustainable supply chain.

In terms of production, Barry Callebaut has signed up to provide Hershey with at least 80,000 tonnes of chocolate and chocolate products each year. In addition, the Swiss company will lease some of Hershey's facilities in the US and transfer chocolate-making machinery into Hershey-owned plants.

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