Sector News

Mondelēz International plans to move headquarters into Chicago

January 9, 2019
Food & Drink

Mondelēz International will move its global headquarters from the Chicago suburb of Deerfield to a new site in the city’s West Loop.

The snacking and confectionery giant plans to move into a five-storey building under construction in the West Fulton Market neighbourhood, the Chicago Tribune says. It will relocate around 400 employees from its existing site in Deerfield, Illinois – a northern suburb of Chicago – in April 2020.

The building will cover more than 77,000 square feet in total, with up to 20,000 square feet on each floor. According to real estate brokers Cushman & Wakefield, the office block would set tenants back between $33 and $35 per square foot per year, meaning Mondelēz’s 15-year lease could cost more than $40 million.

The site is less than 200 metres from Google’s offices in the city and minutes from Morgan Station, on Chicago’s pink and green subway lines.

According to the Chicago Tribune’s reporting, the neighbourhood was once home to Chicago’s meatpacking industry and is now emerging as a popular destination for residential and office space.

Mondelēz’s CEO Dirk van de Put said: “We sought a location that reflects our new, dynamic and more consumer-centric growth culture, and which will make existing and future colleagues proud to be working at the global headquarters of a $26 billion dollar global snacking leader. Fulton Market is an exciting part of the city of Chicago that has acquired a well-deserved reputation for world-class food. We’re privileged to be part of this rapidly-developing scene.”

Van de Put, a former CEO at McCain Foods, only took over as CEO a year and a half ago following the resignation of Irene Rosenfeld.

He has delivered the business to year-on-year revenue growth in all but the most recent of its past four quarters.

But despite a 3.7% dip in revenue in the third quarter of 2018, Mondelēz recorded net income of $1.19 billion, 21.9% stronger than the same period the year before.

It is due to announce its results for its fourth quarter of 2018, as well as its full-year results, on 30 January.

By Alex Clere

Source: FoodBev

comments closed

Related News

October 2, 2022

Drinktec 2022: In review

Food & Drink

In the lead-up to the world-famous Oktoberfest – which celebrates Bavarian tradition, beer and the festival spirit – Munich was already buzzing with activity by the time the doors opened to Drinktec 2022 on 12-16 September. The atmosphere was lively, with approximately 50,000 visitors from 169 countries in attendance.

October 2, 2022

Alan Jope to step down as Unilever CEO

Food & Drink

Unilever has announced CEO Alan Jope’s decision to retire from the company at the end of 2023, after five years at the helm. The announcement comes less than a year after a failed attempt by Unilever to buy GlaxoSmithKline’s consumer healthcare business and just months after activist investor Nelson Peltz joined the company’s board.

October 2, 2022

Lakeland Dairies names Colin Kelly as next group CEO

Food & Drink

Lakeland Dairies has announced that Colin Kelly will assume the role of group CEO following the retirement of Michael Hanley at the end of the year. Kelly will take up the position in January 2023, while Hanley will step down in December this year.