Nestl Rowntree has sold its cocoa processing operations in York to US company Cargill Incorporated.
The confectionery company said the move would give the site a new lease of life and was likely to provide employment opportunities.
The US company will take over the Wigginton Road plant in October.
Chris White, Nestl Rowntree managing director, said there had been increased pressure from companies producing cheaper cocoa processing in the developing world.
He said Cargill, a long-standing partner of Nestl and an ingredient supplier, would have a chance to expand the York operation because it could supply other chocolate makers.
"It means we are actually increasing the ability of that facility to generate even more, because Cargill will have to get extra business for that facility," he said.
Nestl has sold cocoa processing plants in Italy, the Netherlands, Malaysia, the US, Brazil and Mexico.
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