Mondelez to Acquire Clif Bar for $2.9 Billion

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Deal adds Clif Bar, Luna and Cliff Kid brands to global snack maker’s food business

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Mondelez said it expects the deal to close in the third quarter to allow sellers to pay more over time.

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Snack makers and other food companies have said they will continue to raise prices amid rising costs. Mondelez CEO Dirk Van de Put said this month that the company’s price hike did not dampen buying, which he said was surprising. But there will be a further hike in prices next year, he said.

Clif Bar was started in 1992 by Gary Erickson, who came up with the idea for the company’s eponymous snack during a 175-mile bicycle ride near San Francisco two years earlier, according to the company’s website. Mr. Erikson, who remains on the company’s board, worked with his mother to develop a tastier energy bar than what was available at the time. The company denied the sale of $120 million to Quaker Oats in 2000.

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Mr. Erikson led the company as co-CEO with his wife, Kit Crawford, until Sally Grimes was appointed chief executive in May 2020. According to the company, Mr. Erikson and Ms. Crawford have since remained on Cliff Bar’s board of directors. Website.

Mondelez said in April that it would pay $1.3 billion to buy the Recolino confectionery business from Grupo Bimbo.,

Salvador Rodriguez at [email protected]

Credit: www.Businesshala.com /

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