Mondelēz International Completes Sale Of Gum Business In Developed Markets
Mondelēz International has completed the sale of its developed-market gum business in the United States, Canada and Europe, excluding Portugal, to Perfetti Van Melle Group.
Mondelēz will retain the Portuguese portion of the business until it receives regulatory clearance from the country’s competition authority, the company noted.
The divestiture is part of the company’s strategy to reshape its product portfolio as it seeks to focus on core categories comprising chocolate, biscuits and baked snacks.
The deal, valued at $1.35 billion (€1.3 billion), was first announced in December of last year.
Egidio Perfetti, chair of Perfetti Van Melle Group said, “This acquisition aligns perfectly with our strategic goal of becoming a global leader in gum, our chosen focus.
“We expect to further bolster our product portfolio, manufacturing capacity, market distribution and financial results, effectively doubling our size in North America and increasing our reach in Europe, serving more consumers with our well-loved brands.”
Mondelēz added that it will continue to operate its gum business outside the United States, Canada and Europe, led by Stride in China.
Related news
Food Giant Mars Exploring Acquisition Of Kellanova, Sources Say
Packaged food giant Mars, whose candy brands include M&M’s and…
Read more >Mondelēz adds new offerings as consumer definition of value changes
The Oreo and Ritz manufacturer plans to implement “targeted promotions” and launch more…
Read more >Podravka signs deal to buy Fortenova food and drink assets
Croatian food business Podravka has struck a deal to buy…
Read more >Related news
A new office responsible for food safety and retail trade can be established under the leadership of Márton Nagy
A new top organization called the National Trade Office could…
Read more >K&H: Almost two-thirds of businesses are planning development
The majority of domestic micro, small and medium-sized enterprises, 61…
Read more >KSH: industrial production fell by 8.2 percent in June
In June 2024, the volume of industrial production was 8.2…
Read more >