-Mondelez Worldwide Inc stated on Monday it will purchase breadmaker Grupo Bimbo’s confectionery enterprise, Ricolino, for round $1.3 billion, because the Toblerone chocolate maker plans to develop in Mexico.
A number of U.S. packaged meals makers have been making large acquisitions in latest months as they attempt to maintain gross sales ranges elevated after seeing demand skyrocket throughout the peak of the pandemic when folks hardly went to eating places.
The Ricolino deal, the newest in Mondelez’s shopping for spree, will double the dimensions of the Oreo maker’s enterprise in Mexico, a “high-priority” market, and develop its snacking enterprise, the U.S. agency stated.
The Ricolino enterprise, which introduced in round $500 million in annual income, additionally contains manufacturers resembling Vero, La Corona and Coronado and makes a number of confectionary merchandise together with lollipops, marshmallows, sweets and gummies.
Mondelez earlier this yr acquired Greek meals agency Chipita S.A. for $2 billion after shopping for British vitamin agency Grenade, Australian biscuit maker Gourmand Meals Holdings and U.S.-based Hu final yr.
Ricolino, which employs practically 6,000 staff, has 4 manufacturing services and distributes its merchandise to a number of channels, together with supermarkets and comfort shops.
The deal is anticipated to shut by the early days of the fourth quarter.
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