Sector News

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

June 24, 2022
Consumer Packaged Goods

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

May 17, 2024

IFF announces CFO retirement plan

Consumer Packaged Goods

IFF has announced that its chief financial and business transformation officer, Glenn Richter, will retire on 31 December 2024, following a three-year tenure with the company. IFF has initiated the process of selecting a successor for the CFO position, considering both internal and external candidates.

May 17, 2024

Saputo’s president and CEO to depart from role

Consumer Packaged Goods

Saputo has announced that its president and CEO, Lino Saputo, will transition to the role of executive chair of the board. The transition is set to take place on 9 August, when Carl Colizza, the company’s current president and COO for North America, will assume the position.

May 17, 2024

Nestlé to invest BRL 1bn to strengthen Brazilian coffee sector

Consumer Packaged Goods

The coffee giant said the funding will be used to install new tech, such as roasting equipment, increasing production line flexibility to make new products and flavours – including higher value-added products, – and technology updates to improve sustainability.

How can we help you?

We're easy to reach