Mondelez International, snack and confectionery multinational, announced the divestment of its market gum, and global Halls business.
According to sources, included in the sale of its market gum business are brands such as Trident, Stride, and Dentyne, which are part of a segment with annual revenue of about US$450million.
This decision was the output of a portfolio review in an investor day update to discuss the group’s long-term growth strategy. Mondelez decided to exit the gum market in Northern America and Western Europe.
The company also stated that will continue to operate other brands and products within its candy business, as well as its emerging market gum business.
Dirk Van de Put, CEO of Mondelez, said: “Our competitive advantages in the marketplace and focused strategy on global snacking leadership give us great confidence in our ability to sustain strong top- and bottom-line growth for many years to come. Building on our category leadership, favourable geographic footprint, and the power of our iconic brands, we are well-positioned for stronger growth in the decade ahead”.
At the moment, there is no timeline for a sale.
Sources: Just Food / Food Business News