US chewing gum giant Wrigley believes that it must diversify to compete with the likes of Cadbury in the european confectionery market. Although firmly established as the leading brand of chewing gum, the firm believes there is scope to expand its range of products.
As a consequence, the firm has launched a new range of mints under the successful sugar-free Extra brand. The product will be available by the end of September.
For years Wrigley has been looking at penetrate new confectionery markets, both in terms of geography and product range. If the mint launch meets with success, the company may well push forward other products.
Such a move would present a new challenge to traditional European confectionery market leaders such as Cadbury.
"Our search for acquisitions is global and we are not limiting ourselves to any region," said Wrigley's UK managing director Gharry Eccles, speaking in the UK's Times newspaper.
"We have been growing by ten per cent a year and our goal is to generate earnings in excess of that." This further underlines the company's determination to secure international growth.
Wrigley was almost successful in its recent bid to buy US chocolate giant Hershey. Its failure to do so has clearly not dimmed its global ambitions.