Chewing gums sold for $1.35 billion
2022.12.19 11:02
Chewing gums sold for $1.35 billion
Budrigannews.com – Oreo manufacturer Mondelez International Inc. announced on Monday that it had reached an agreement to sell its gum business, which includes brands like Trident and Dentyne, to Perfetti Van Melle Group for $1.35 billion.
Perfetti Van Melle, the European manufacturer of gum and confections behind brands like Mentos, Alpenliebe, and Chupa Chups, will also acquire Mondelez’s Rockford, Illinois, and Skarbimierz, Poland, manufacturing facilities.
After the COVID-19 lockdowns, Mondelez underwent a strategic review of its gum unit for developed markets, which also includes brands like Bubbaloo and Bubblicious.
Outside of the United States, Canada, and Europe, the company stated that it will continue to operate its gum business.
In addition to making a number of acquisitions over the course of the past year, Mondelez has been reorganizing its portfolio with the intention of generating 90% of its revenue from its chocolates and biscuits divisions.
This year, Toblerone bought Greek food company Chipita S.A. for $2 billion and energy bar manufacturer Clif Bar & Company for $2.9 billion.
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Mondelez stated that the transaction does not include the sale of its French business and that it is anticipated to close in the fourth quarter of 2023. It stated that exclusive arrangements have been made between the parties for the sale of the company in the country.
