Mondelez International Inc.
stated it could purchase Clif Bar & Co. for not less than $2.9 billion, in a deal that provides the manufacturers Clif Bar, Luna and Clif Kid to Mondelez’s meals enterprise.
The world meals big stated Monday that it could proceed to function Clif Bar’s enterprise out of the corporate’s headquarters in Emeryville, Calif., and would proceed to fabricate merchandise out of services in Indiana and Idaho.
Mondelez stated it expects the deal, which it stated might pay out extra to the sellers over time, to shut within the third quarter.
The snack maker and different meals corporations have stated they’d proceed to boost costs amid escalating prices. Mondelez CEO
Dirk Van de Put
stated this month that the corporate’s value will increase haven’t curtailed purchases, which he stated was shocking. But there can be extra value will increase to return over the following yr, he stated.
Clif bar was began in 1992 by
Gary Erickson,
who got here up with the thought for the corporate’s eponymous snack whereas on a 175-mile bicycle trip close to San Francisco two years earlier, in keeping with the corporate’s web site. Mr. Erickson, who stays on the corporate’s board, labored together with his mom to develop what he thought was a tastier power bar than the merchandise obtainable on the time. The firm rebuffed a $120 million sale to Quaker Oats in 2000.
Mr. Erickson led the corporate as co-CEO alongside his spouse,
Kit Crawford,
till
Sally Grimes
was named chief govt in May 2020. Mr. Erickson and Ms. Crawford have remained on Clif Bar’s board of administrators since then, in keeping with the corporate’s web site.
Mondelez stated in April that it could pay $1.3 billion to purchase the Ricolino confectionery enterprise from
Grupo Bimbo.
Write to Salvador Rodriguez at [email protected]
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Appeared within the June 21, 2022, print version as ‘Mondelez To Pay $2.9 Billion For Clif Bar.’
Source: www.wsj.com”