Wednesday, July 6, 2022
  • Login
Metro News
  • Home
  • News
    • Sports
    • Science
  • Entertainment
    • Music
    • Fashion
  • Lifestyle
    • Food
    • Health
    • Travel
  • Tech
    • Mobile
    • Gaming
    • Gadget
    • Apps
No Result
View All Result
  • Home
  • News
    • Sports
    • Science
  • Entertainment
    • Music
    • Fashion
  • Lifestyle
    • Food
    • Health
    • Travel
  • Tech
    • Mobile
    • Gaming
    • Gadget
    • Apps
No Result
View All Result
Metro News
No Result
View All Result
Home Lifestyle Food

Mondelēz to buy Clif Bar for at least $2.9B

ALY by ALY
June 20, 2022
in Food
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Dive Brief:

  • Mondelēz International is buying Clif Bar & Company for $2.9 billion with the potential for additional payments, the company said in a statement.
  • The acquisition of the bar maker includes the Clif, Luna and Clif Kid brands and will expand Mondelēz’s global snack bar business to more than $1 billion. The transaction is expected to close in the third quarter.
  • The purchase by the CPG giant further expands its reach into fast-growing snacking categories while giving it a major presence in the high-growth bar business.

Dive Insight:

While Mondelēz is best known for brands such as Oreo, Ritz and Triscuit, the snacking giant has been on an aggressive acquisition spree during the past four and a half years.

Since 2018, the company has closed nine deals with more than $2.8 billion in additional revenue, the company said. The snacking deals have targeted four areas that strengthen its portfolio and fill gaps: well-being, premium, core white space and adjacent categories.

The deals include the purchase of Hu, a maker of snacks and chocolates made from simple ingredients; premium cookie maker Tate’s Bake Shop, which uses sugar instead of high fructose corn syrup; and a majority stake in Perfect Snacks, the manufacturer of refrigerated organic, non-GMO, nut butter-based protein bars and bites.

Mondelēz said it will be able to tap into its global and North American scale by expanding Clif’s distribution and gaining further penetration in existing and new customers and channels in the U.S. In fiscal 2021, about 70% of Mondelēz’s $28.7 billion in revenue came outside North America from countries in Latin America; Asia, Middle East and Africa; and Europe.

“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,” Mondelēz CEO Dirk Van de Put said in a statement.

Clif’s roots date back to 1990 when Gary Erickson set off on a one-day, 175-mile bicycle ride with his buddy, the company said on its website. Halfway through the ride, exhausted and hungry, he realized he couldn’t eat another one of the “unappetizing, sticky, hard-to-digest bars” on the market and Clif was born. He named the bar, which was formally launched in 1992, after his dad Clifford who introduced him to wilderness adventures.

Clif has carved out a reputation in snacking with its nutritious and organic food snacks, creating a foothold in the fast-growing category along with other brands such as Kind. Large CPGs have taken notice. Mars purchased Kind in 2020 for an estimated price tag that valued it at more than $5 billion. 

Clif finally agreed to be acquired for a much higher price tag after turning down a $120 million sale to Quaker Oats in 2000.

In buying Clif, Mondelēz is adding to the fold a snacking bar brand with a reputation in the well-being and nutrition/energy segments. It will quickly accelerate Mondelēz’s presence in the $16 billion global snack bar category that is growing more than 5% annually, the Chicago-based company said.  

Clif also has a presence beyond its core organic energy bar in categories such as women with its Luna line, and children with Clif Kids. It also has entered the ultra-competitive plant-based jerky segment with its own offering, and debuted a cereal as well as energy gels and chews geared toward athletes. Mondelēz could further grow these extensions and potentially bring insight it garners from working with them into some of the other brands in its portfolio.

Mondelēz said it will continue to operate Clif Bar from its headquarters in Emeryville, California. It also will continue to manufacture Clif products in its facilities in Twin Falls, Idaho, and Indianapolis, Indiana.

“Mondelēz International is the right partner at the right time to support Clif in our next chapter of growth,” Sally Grimes, Clif’s CEO, said in a statement. “Our purposes and cultures are aligned and being part of a global snacking company with broad product offerings can help us accelerate our growth while staying true to our deeply ingrained Five Aspirations — sustaining our people, planet, community, business, and brands.”

Previous Post

Tongue, Lip Piercings May Harm Teeth and Gums

Next Post

Best deals today: Apple MacBook Air, Samsung Galaxy S22, Sony earphones, and more

Next Post

Best deals today: Apple MacBook Air, Samsung Galaxy S22, Sony earphones, and more

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest
recalled-dried-plums-Alli-and-Rose.jpg

Corporate remembers dried plums from Costco retail outlets on account of lead contamination

February 25, 2022
Apple_iPad-mini_hero_09142021.jpg

Apple Hit With Lawsuit Over iPad Mini 6’s ‘Jelly Scrolling’ Factor

February 12, 2022
ee3fae5b181b41d5b8bba8a13b727b43_xl.jpg

Hearth Breaks Out at SoHo Malibu, Movie star Scorching Spot

February 12, 2022
most-popular-fashion-items-285925-1645146675218-fb.700x0c.jpg

Those Have been the 25 Maximum Widespread Model Pieces Ultimate Month

February 19, 2022
21ukraine-briefing-excerpts2-facebookJumbo.jpg

Highlights From Putin’s Cope with on Breakaway Areas in Ukraine

2
stranger-of-paradise-difficulty.jpg

Stranger of Paradise goes to be higher than Elden Ring… on the subject of problem choices, no less than

2

Pamela Anderson Is ‘Killing It’ In Broadway Rehearsals For ‘Chicago’ – Hollywood Life

1

About 300 People Died in Bombing of Mariupol Theater, Officials Say

1

Teardown of the Asus ROG Phone 6 shows all the cooling optimizations

July 6, 2022

New Final Fantasy 14 Raiden data centre goes live – Metal Gear Rising memes ensue

July 6, 2022

What’s next for Ukraine after the fall of Luhansk? | Russia-Ukraine war News

July 6, 2022

Rivian’s R1S: An electric SUV for those with an adventurous lifestyle

July 6, 2022

Recent News

Teardown of the Asus ROG Phone 6 shows all the cooling optimizations

July 6, 2022

New Final Fantasy 14 Raiden data centre goes live – Metal Gear Rising memes ensue

July 6, 2022

What’s next for Ukraine after the fall of Luhansk? | Russia-Ukraine war News

July 6, 2022

Rivian’s R1S: An electric SUV for those with an adventurous lifestyle

July 6, 2022




Metro News

We bring you the Global News From All Over The World. Stay Tuned For Your Favorite Categories News 24x7.

Browse by Category

  • Apps
  • Crypto News
  • Crypto Trading
  • Entertainment
  • essay online
  • essay usa
  • Essay Writer Cheap
  • Fashion
  • FinTech
  • Food
  • Forex Handel
  • Gadget
  • Gaming
  • Health
  • Lifestyle
  • Mobile
  • Music
  • News
  • pashka
  • Payday Loans
  • Porn Chat
  • Science
  • Software Development
  • Sports
  • Tech
  • Travel
  • Uncategorized
  • Бизнес Украина
  • Инвестиции
  • Новости Украины
  • Ремонт Автомобилей
  • Финансовые Новости
  • Форекс брокеры

Recent News

Teardown of the Asus ROG Phone 6 shows all the cooling optimizations

July 6, 2022

New Final Fantasy 14 Raiden data centre goes live – Metal Gear Rising memes ensue

July 6, 2022

What’s next for Ukraine after the fall of Luhansk? | Russia-Ukraine war News

July 6, 2022

Rivian’s R1S: An electric SUV for those with an adventurous lifestyle

July 6, 2022

© 2022 Metro News - Biggest Digital New Network.

No Result
View All Result
  • Home
  • News
    • Sports
    • Science
  • Entertainment
    • Music
    • Fashion
  • Lifestyle
    • Food
    • Health
    • Travel
  • Tech
    • Mobile
    • Gaming
    • Gadget
    • Apps

© 2022 Metro News - Biggest Digital New Network.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Posting....
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?