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Mondelez International Inc. revealed on Monday, June 20, that it would acquire Clif Bar & Company to expand its snack bar venture around the world. The company said the acquisition deal is worth $2.9 billion.
As per Reuters, Mondelez International will also be paying additional amounts based on how much it will be earning from the Clif Bar brand. Through the deal, the firm will be able to expand its portfolio by adding Clif, Luna, and Clif Kid energy bar brands. With these new products, the company will be creating a more than $1 billion global snack bar franchise.
Clif Bar & Company's chief executive officer, Sally Grimes, said that the maker of Oreo and Toblerone products is just the right partner for them. She further said that their partnership came at the right time as it will help support Clif's 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 while staying true to our deeply ingrained Five Aspirations - sustaining our people, planet, community, business, and brands - five bottom lines that have grounded our company since its founding and will remain our North Star going forward," Grimes stated.
Once the deal is completed, Mondelez will continue to produce Clif's energy bars in its own production plants located in Indianapolis, Indiana and Twin Falls in Idaho. This latest purchase is Mondelez's ninth acquisition since 2018, and it is continuing to acquire more to further improve its portfolio and achieve higher long-term growth.
"We are thrilled to welcome Clif Bar & Company's iconic brands and passionate employees into the Mondelēz International family," Mondelez International's chairman and chief executive officer, Dirk Van de Put, said in a press release.
He added, "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."
Meanwhile, Mondelez and Clif Bar's acquisition deal is expected to be completed within the third quarter of this year. Once it closes, the former's customer category manager, Tracey Noe, revealed they are planning to make use of their global resources to support the energy bar brand starting in North America.
