Updated: Jun 1, 2021
Mondelez International announced the $ 2 bln acquisition of Greek baked goods company Chipita S.A. It is one of the biggest deals in the snack industry in recent years.
Athens, Greece: 26 May 2021
Chipita S.A. was founded in 1973 in Greece and started the production of savory snacks. Since 1996, the Greek company has been operating outside Greece by setting up production plants in Bulgaria, followed Poland, Romania, Russia and Saudi Arabia, and Turkey, Malaysia, Mexico, India and Slovakia.
The company has a wide product portfolio of croissants and pastries. Its brands include 7Days, Chipicao, and Fineti. Currently, Chipita S.A. has 14 factories and exports its products to 56 different countries. Its products reach two billion consumers per year. In 2020, the company generated $ 580 mln in revenue.
The acquisition of Chipita is another step in Mondelēz International’s expansion into the fast-growing snack market. In 2021, Mondelēz International has acquired U.K. nutrition company Grenade, Australian cracker company, Gourmet Food Holdings, and U.S. snacking company Hu.
It is expected that the acquisition will enable Mondelēz International to offer consumers a full portfolio of bakery products, such as biscuits, cakes and for the first time, pastries, and to meet the growing consumer demand for this segment of the market.
According to Money Review, in addition to adding a new category to Mondelēz International’s product portfolio, the acquisition will also significantly enhance the company’s presence in the fast-growing markets of Central and Eastern Europe where Chipita’s business is well established.
The President and CEO of Mondelēz International Dirk Van de Put said:
“We welcome the delicious Chipita pastry products to the Mondelēz International family, and that will further boost our strategy to become a world leader in the wider snack category. Chipita’s iconic brands and significant presence in so many markets are a powerful strategic complement to our existing portfolio and our future growth ambitions in Europe and beyond”.
According to MarketWatch, Mondelēz stock has gained 9% for the year to date while the S&P 500 index SPX, +0.08% is up 11.5% for the period.
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Money Review. 26 May 2021
MarketWatch. 26 May 2021
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