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REUTERS - Hershey Co
Hershey said it will buy out its partner, Godrej Industries Ltd
Hershey will assume about $47.6 million in debt, and will own the Maha Lacto and Nutrine candy brands and the Jumpin and Sofit beverage brands, as well as the related factories.
The transaction is expected to close by the end of the third quarter, after which the wholly owned subsidiary will be called Hershey India.
In 2011, the Godrej Hershey joint venture had net sales of about $80 million and a net loss.
Hershey said the deal does not change its financial outlook.
Hershey shares were down 30 cents, or 0.4 percent, at $72.86 on the New York Stock Exchange. (Reporting By Martinne Geller in New York; Editing by Gerald E. McCormick)