Mondelez has announced an agreement for acquiring Clif Bar, which is a leading producer of energy bars in the United States with the organic ingredients for 2.9 billion dollars along with an additional contingent earnout consideration.
The acquisition of the brands including CLIF, LUNA and CLIF Kid expands the global snack bar business of Mondelez International to over 1 billion dollars, which is also including the company’s refrigerated snacking business known as Perfect Snacks in the United States and Grenade, which is a performance nutrition business in the United Kingdom. This acquisition is also advancing the strategy of the company for reshaping the portfolio of the company for sustaining high and long-term growth.
The transaction is also expected for being the top-line accretive in second year and also creating the cost synergies by using the global and North America scale of Mondelez International for the purpose of expanding the sales distribution of the Clif and gaining further penetration in the new and existing customers and also channels in the United States.
This acquisition has been subject for the customary closing conditions and the conversion to a limited liability company by the Clif Bar & Company and the transaction is also expected for the purpose of closing in the third quarter followed by the a review of the customary regulatory.
Mondelez International is going to continue for operating the Clif Bar & Company business from the company’s headquarters and is also going to continue for manufacturing its products in the facilities of the company.
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