FMCG giant Mondelez has announced plans to buy Clif Bar & Company for $2.9 billion (€2.75 billion), paying additional amounts to the sellers according to its earnings from Clif Bar.
According to the sources, the giant will get the Clif, Luna, and Clif Kid brands of bars in its portfolio through the acquisition, creating a $1 billion-plus global snack bar franchise for itself and expanding its global snack bar business.
Sally Grimes, Clif Bar & Company’s CEO said: “Mondelez International is the right partner at the right time to support Clif in our next chapter of growth. Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth”.
Mondelez will continue to manufacture Clif’s products in its facilities at Twin Falls in Idaho and Indianapolis in Indiana, and the company expects organic net revenue to increase by over 4% in 2022, while its long-term growth target is more than 3%.
According to Mondelez, the deal is expected to close in the third quarter of this year.
Source: ESM Magazine