Mondelez International, Inc. is acquiring Evirth, a manufacturer of cakes and pastries in China. Terms of the agreement were not disclosed.
Mondelez already owns a minority stake in Evirth to manufacture and supply frozen-to-chilled cakes and pastries in China featuring such brands as Oreo.
“We’re excited about the opportunity to accelerate our growth in cakes and pastries through continuous innovation, leveraging our high-value brands to create more premium tastes and formats,” said Dirk Van de Put, chief executive officer of Mondelez.
The cakes and pastries market in China is estimated to have $3 billion in annual sales and is growing at a compound annual growth rate of 15%, according to Mondelez. The acquisition will build on the company’s strategy to expand its global presence in the category.
“We are excited that Mondelez International is increasing its investment in Evirth, and this is a historic moment for us,” said Linfeng Xu, founder and general manager of Evirth. “By bringing in Mondelez’s brand experience, technical strength, and international network, Evirth can be better positioned to provide premium products for our customers and consumers.”
By Keith Nunes
Source: foodbusinessnews.com
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