Sector News

Mondelēz to buy energy bar company Clif Bar for $2.9bn

June 24, 2022
Food & Drink

Mondelēz International has signed an agreement to acquire US energy bar maker, Clif Bar & Company, for $2.9 billion.

The snacks giant says the acquisition will help build on its commitment to “lead the future of snacking” in key geographies worldwide.

Once the transaction is completed, Mondelēz will continue to operate the Clif Bar business from its headquarters in Emeryville, California. The snack giant will also continue to manufacture Clif Bars’ products, which include Clif Bar, Luna and Clif Kid, at its facilities in Idaho and Indiana.

Mondelēz’s CEO, Dirk Van de Put, said: “We are thrilled to welcome Clif Bar’s iconic brands and passionate employees into the Mondelēz family. This transaction further advances our ambition to lead the future of snacking by winning in chocolate, biscuits and baked snacks as we continue to scale our high-growth snack bar business.”

He continued: “As a leader and innovator in well-being and sustainable snacking in the US, Clif Bar embodies our purpose to ‘empower people to snack right’, and we look forward to advancing this important work with Clif’s committed colleagues in the years ahead.”

The acquisition is subject to customary closing conditions and is expected to close in Q3 2022.

Earlier this year, Mondelēz acquired Grupo Bimbo’s confectionery business, Ricolino, for approximately $1.3 billion.

By Rafaela Sousa

Source: foodbev.com

comments closed

Related News

August 7, 2022

ADM-backed ScaleUp Bio accelerator poised to grow precision fermentation start-ups in Singapore

Food & Drink

Signaling a new wave of activity in the precision fermentation space, agri-food giant ADM has linked up with Asia Sustainable Foods Platform in a joint venture company, ScaleUp Bio. Based in Singapore, the new firm will operate a new pilot laboratory for start-ups engaging in precision fermentation for food applications, helping them to propel innovation rapidly.

August 7, 2022

Diageo sees net sales growth across all regions

Food & Drink

Diageo has recorded a 21.4% increase in its full-year revenue, driven by strong organic net sales growth across all regions. In the year ended 30 June, the owner of Smirnoff vodka posted full-year net sales of £15.5 billion. Overall, net sales of spirits grew 21%, with a particularly strong performance in scotch, tequila, vodka, gin and Chinese white spirits.

August 7, 2022

Morrisons unveils zero-carbon egg range from hens fed on insects

Food & Drink

A new insect-based diet on chicken farms is being showcased by UK supermarket chain Morrisons as the way to achieve carbon-neutral eggs by the end of 2022. The company expects to vastly reduce its use of soya feed, which accounts for 10% to 20% of hens’ regular diets and is a major contributor to carbon emissions.