Mondel?z International recently announced an agreement to acquire Clif Bar & Company for $2.9 billion, expanding Mondel?z’s global snack bar business to over $1 billion and positioning its portfolio to sustain higher long-term growth, according to the company.
“We are thrilled to welcome Clif Bar & Company’s iconic brands and passionate employees into the Mondel?z International family,” said Dirk Van de Put, chairman and CEO of Mondel?z International, in a statement. “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. As a leader and innovator in well-being and sustainable snacking in the U.S., Clif Bar & Company 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."
Clif will continue to operate from its Emeryville, California location, and manufacture products from its facilities in Twin Falls, Idaho and Indianapolis, Indiana.
“Mondel?z International is the right partner at the right time to support Clif in our next chapter of growth,” said Sally Grimes, CEO of Clif Bar & Company, 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.”
This acquisition builds on Mondel?z’s recent agreements to acquire Ricolino, a Mexican confectionary company, and Chipita S.A., a snack-size pastry and cake company in Central and Eastern Europe.
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