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.
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