The FINANCIAL -- Mondelēz International, Inc. announced that it has reached an agreement to sell its Kraft-branded Cheese Business in Middle East and Africa (MEA) to Arla Foods of Denmark. Financial details of the transaction will not be disclosed.
The move enables Mondelēz International to focus on its newly-announced strategic plan to drive top-line growth and generate attractive returns, centered around three priorities: accelerate consumer-centric growth, drive operational excellence and build a winning growth culture. Under this plan, the company will continue to focus on faster-growing snacks categories, including its core Chocolate, Biscuits, and Gum & Candy offerings.
All Kraft-branded Cheese products in the MEA markets, as well as the cheese manufacturing facility in Bahrain, are subject to this sale transaction.
The cream cheese brand Philadelphia and Jocca cottage cheese are not included in the deal and remain under the ownership of Mondelēz International. The recently opened Biscuits manufacturing facility in Bahrain is also not affected by the transaction. This plant will also now start producing Tang powdered beverages.
There are no changes to the Cheese & Grocery business of Mondelēz International in other markets around the world as a result of the announcement.
The transaction is expected to close in the next few months, subject to regulatory approvals.